Mt. Gox Moves $739M in Bitcoin, BTC Drops Below $70K

Mt. Gox Rattles Market With $739M Bitcoin Move, BTC Price Falls Below $70K 1 hour ago By Coingapestaff Coingapestaff Journalist CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. Read full bio Why Trust CoinGape CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information. Mt. Gox, the now-defunct crypto exchange that refuses to fully exit the chat, has moved a massive 10,422.65 Bitcoin (BTC) valued at around $739 million via the blockchain in what is believed to be the largest on-chain transfer by the exchange in months ahead of the deadline for repayments to creditors. Ad Ad Mt. Gox Transfers Massive Bitcoin Stash According to Arkham Intelligence, the transaction took place at 04:47 UTC on Tuesday, and was confirmed in Bitcoin block #952,072. Most of the Bitcoin reserve, 10,306.35 BTC worth about $730.78 million, was transferred to a new wallet address that starts with the prefix "14FEEM." A further 116.30 BTC valued at approximately $8.25 million was sent to an account at the Mt. Gox team that is typically used for running the business. Mt. Gox moves $739 million in Bitcoin. Source: Arkham Intelligence The transaction followed the familiar playbook of all previous reorgs of the Mt. Gox wallet, which usually involve large amounts of BTC split between new addresses and in-house wallets prior to repayment-related activity. The transferred coins have not been seen moving to any exchange or third party custody platform as of yet, which is either reassuring or ominous depending on your portfolio. Mt. Gox remains one of the largest holders of creditor assets that have not been released to creditors after all these years of distributions. The estate still owns some 34,504 BTC worth about $2.43 billion, the largest remaining Bitcoin holding associated with a failed crypto exchange. For context, repayment started in mid-2024 and about 19,500 creditors have already received compensation. However, trustee Nobuaki Kobayashi has kept delaying the process for administrative reasons. They received an extension with a Tokyo court approving their motion in October 2025. It extends the repayment period from October 31, 2025, to October 31, 2026. The additional time was needed due to outstanding creditor procedures and processing delays, the trustee said. Hence, the transfer ahead of the October 2026 deadline hints at the resumption of repayment initiatives. Ad Ad BTC Price Crashes To $69K The transfer landed at a time of notable market weakness as Bitcoin fell considerably. At press time, the BTC price plunged 3.65% to $69,991.56, marking a drop below the $70,000 level for the first time in weeks. Additionally, the market mood has been dampened by Strategy's first ever public announcement of a Bitcoin sale of $2.5 million. Moreover, the market was affected by a record 10 consecutive sessions of spot Bitcoin ETF outflows, and the uncertainty of the U.S.-Iran ceasefire negotiations. However, the Bitcoin stash attached to Mt. Gox was purchased prior to its collapse in 2014. Hence, distributed BTC may imply significant unrealized gains for creditors at current values, which is the only happy ending this saga seems to offer. For those looking for decentralized futures trading, check our page on Perp DEXs. Investment disclaimer: The content reflects the author's pe