Mt. Gox moved $739 million worth of bitcoin to two addresses early Tuesday, its first major movement since late March. The defunct exchange still holds $2.43 billion in BTC. Token Metrics data shows bearish technicals with momentum deeply oversold as these funds potentially prepare for creditor distributions.<\/p>\n
Mt. Gox was once the world’s largest bitcoin exchange. It handled about 70% of global bitcoin trades back in 2013. Then it collapsed after losing around 850,000 BTC in a 2014 hack. The Tokyo-based exchange filed for bankruptcy protection and has been working through creditor repayments ever since.<\/p>\n
The rehabilitation trustee started repaying creditors in July 2024. They used partner exchanges like Kraken and Bitstamp for these distributions. But the process has been slow. The trustee extended the repayment deadline to October 2026 last year. This was actually the third postponement since the original October 31, 2023 deadline.<\/p>\n
Large bitcoin movements from Mt. Gox wallets have often preceded creditor repayments in the past. Market participants watch these transfers closely because they can signal upcoming selling pressure. The exchange currently holds 34,504 BTC across its wallets, according to Arkham Intelligence data<\/a>. That’s worth roughly $2.43 billion at current prices.<\/p>\n\t\t