Mt. Gox returned to the spotlight this week after it moved 10,422.6 BTC , worth about $936 million, from one of its cold wallets. The transfer immediately caught traders’ attention and raised concerns.
The Bitcoin Price is now sitting in a new address and has not been used, but the move has brought back worries that Mt. Gox may be preparing for future repayments, which could eventually add selling pressure to the market.
On-chain platform Arkham identified the movement early Tuesday. A Mt. Gox cold wallet sent 10,422.6 BTC to a newly generated address beginning with 1ANkDML. The receiving wallet now holds more than 10.423K BTC, valued at over $937 million. While the activity appears to be an internal administrative transfer, the market reacted instantly.
Every Mt. Gox transaction is closely watched, as traders worry such moves could signal upcoming creditor distributions. Bitcoin was trading near $89,900 at the time, but sentiment quickly turned cautious as the news spread.
Mt. Gox was once the world’s largest Bitcoin exchange, handling more than 70% of all BTC trades before its collapse in 2014. Roughly 850,000 BTC were lost during the breach, making it one of the most damaging events in crypto history. Around 200,000 BTC were later recovered, forming the pool allocated for creditor repayments .
Because these holdings represent billions of dollars in long-dormant Bitcoin, any wallet movement triggers immediate concern about large sell-offs. Many creditors acquired their BTC at extremely low prices over a decade ago, increasing fears that they may sell as soon as they receive their funds.
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Repayments officially began in mid-2024, but the process remains gradual and tightly controlled. The final deadline for distributing remaining assets has been extended to October 31, 2026, giving the trustee additional time to navigate the complex civil rehabilitation.
Tuesday’s transfer fits the pattern of earlier administrative moves and shows no indication of liquidation. None of the Bitcoin has been sent to exchanges or broken into smaller transactions, typical signs of selling preparations.
For now, the transferred BTC remains untouched, but traders remain on high alert. Even after 11 years, Mt. Gox continues to cast a long shadow over the market, capable of shifting sentiment with a single transaction.
