Mt. Gox, one of the most controversial names in cryptocurrency history, broke its long silence and carried out a massive Bitcoin transfer. According to Arkham Intelligence data, 10,422.6 BTC, or approximately $936 million, was moved from addresses belonging to the bankrupt exchange to a new wallet on Tuesday. This move came after eight months of inactivity and renewed uncertainty surrounding the repayment process.
The timing of the transaction is particularly noteworthy, as the Bitcoin price has been experiencing sharp fluctuations in recent days, and sensitivity to selling pressure is high. This transfer by Mt. Gox is the largest since March. At the time, the exchange made another significant transfer worth 11,834 BTC, which triggered similar concerns in the markets.
According to Arkham Intelligence's current data, approximately 34,689 BTC are currently held in Mt. Gox addresses. This amount has a market value of around $3.1 billion. Therefore, every major transfer is closely monitored by crypto investors.
"This isn't a sale, it's a preparation."
As news of the transfer spread, questions about the possibility of a mass sell-off originating from Mt. Gox intensified in the markets. However, on-chain experts state that the move doesn't directly imply a sale. Analysts generally agree that such transactions are restructurings between hot and cold wallets.
Analyst Xinsidercrypto commented, "This isn't a sale; no BTC has been released. This is merely preparation; real selling pressure only begins when assets are transferred to exchanges." Another expert stated that while the movement of more than 10,000 BTC might seem "frightening" at first glance, the Mt. Gox process has been progressing according to a schedule that has been known and expected for years.
The Never-Ending Refund Process
Mt. Gox experienced one of the crypto world's biggest crashes following a massive 2014 hack in which 850,000 BTC were lost. Approximately 200,000 BTC were recovered during years of legal proceedings, and a "civil rehabilitation" program was launched for their distribution.
Although the company began the first repayments in mid-2024, the process is progressing at a painful pace. Last month, a statement announced that the repayment date had been postponed to October 31, 2026. Rehabilitation officer Nobuaki Kobayashi stated that many creditors still had not received payments and that there were ongoing procedures to resolve.
Therefore, it is highly likely that the recent BTC transfer was related to repayment preparations. However, the lack of confirmation makes the move even more speculative. Such a large transfer, especially at a time when the Bitcoin price had fallen below $90,000, created additional market stress.
