Mt. Gox Moves Millions in Bitcoin Amid Repayment Delay

Mt. Gox, the once dominant Bitcoin exchange, executed a substantial transfer of 10,608 BTC, equivalent to approximately $953 million, on November 18. This marks the first major movement of assets from the exchange's wallets in eight months, occurring just three weeks after the rehabilitation trustee announced an extension of the creditor repayment deadline to October 31, 2026. The delay was attributed to incomplete creditor procedures and unfinished paperwork.

The recent transfer involved over 10,000 BTC moved to an unmarked address and a smaller portion directed to a Kraken-associated wallet. This activity has sparked speculation regarding its purpose, especially given the recent announcement of an extended repayment timeline. Mt. Gox, which filed for bankruptcy in 2014 after losing around 850,000 BTC due to a security breach, currently holds an estimated 34,689 BTC, valued at $3.14 billion.

While the trustee has not commented on the specific reason for the November 18 transfer, the rehabilitation plan allows creditors to opt for direct Bitcoin and Bitcoin Cash repayments or fiat in Japanese yen. To fulfill yen payment requests, liquidation of Bitcoin holdings would be necessary. Analysts suggest the movement might be routine wallet reshuffling rather than an immediate precursor to sales, especially considering the previous March 2025 transfer of 893 BTC, which was also linked to ongoing creditor repayments.