Mt. Gox Moves 10,423 BTC Worth $739 Million in First Major Transfer in Six Months

TLDR

• A Mt. Gox cold wallet moved 10,423 BTC, worth about $739 million, to a new address on June 2.
• A separate transfer of 116 BTC ($8.25 million) was sent to the exchange’s own hot wallet.
• This is the first major on-chain movement from Mt. Gox wallets in roughly six months.
• The creditor repayment deadline has been pushed to October 31 due to administrative delays.
• Around 34,000 BTC is still being distributed in stages to creditors who haven’t been paid yet.

---

Wallets linked to the defunct Mt. Gox exchange moved a large amount of Bitcoin on June 2 for the first time in about six months.

On-chain analyst ai_9684xtpa confirmed that a Mt. Gox cold wallet transferred 10,423 BTC to a new address. At current prices, those holdings are worth around $739 million.

BREAKING: Mt. Gox just transferred 10,306 $BTC($731M) to a new wallet!https://t.co/toejNooaei pic.twitter.com/HzWU9REWCw

— Lookonchain (@lookonchain) June 2, 2026

A second, smaller transfer also took place. Mt. Gox sent 116 BTC, valued at roughly $8.25 million, to its own hot wallet.

The movements were first flagged by on-chain tracking accounts including Lookonchain, which reported the transfer on social media shortly after it appeared on the blockchain.

Mt. Gox was one of the largest Bitcoin exchanges in the world before it collapsed. Around 850,000 BTC was stolen in a hack, leading to its bankruptcy in 2014.

After years of legal proceedings, the exchange began repaying creditors in 2024. The process has been slow and complex, involving creditor verification and administrative steps.

Repayment Deadline Extended to October 31

The repayment deadline has now been pushed to October 31. Mt. Gox administrators cited procedural delays and ongoing creditor verification as the reason for the extension.

A large number of creditors have already received their Bitcoin. However, around 34,000 BTC is still being distributed in stages to those who have not yet been paid.

Market watchers are now monitoring whether the latest transfer leads to further wallet movements or creditor distributions in the coming days.

What It Means for Bitcoin Price

Bitcoin was trading at $70,503 at the time of the transfer. Analysts noted the coin showed oversold conditions, with an RSI reading of 23.9.

The price is also trading below its 200-day moving average. The MACD indicator remains bearish, which some analysts see as a stronger signal than the oversold reading.

Short-term price forecasts suggest Bitcoin could rebound to $73,500 if it holds above $70,800. If it fails to hold that level, analysts expect pressure to push it toward $68,500.

Longer-term, some analysts view the remaining Mt. Gox supply as a variable that will gradually disperse over time, rather than a single shock to the market.

The overall creditor repayment process has been running for over a year. The October 31 extension gives administrators more time to complete outstanding payments.

Market participants are watching for any follow-up movements from Mt. Gox wallets, which have historically triggered short-term price reactions when large transfers are detected.