Mt. Gox moved $739 million in Bitcoin from cold wallets for the first time since March, raising fears of creditor selling. Token Metrics technicals read bearish as BTC trades near $69,585, down about 4% on the day and around 9% over the past week. The exchange still holds roughly $2.4 billion in Bitcoin, keeping market pressure in focus.<\/p>\n
Mt. Gox was once the world’s largest Bitcoin exchange. The Tokyo-based platform handled about 70% of global BTC trades before its 2014 collapse. The exchange reported that about 850,000 BTC were missing, though roughly 200,000 BTC were later found. Now, over a decade later, the defunct exchange still controls a massive Bitcoin stash that moves markets.<\/p>\n
The rehabilitation process has been slow and painful. Mt. Gox began repaying creditors in July 2024 through partner exchanges Kraken and Bitstamp. The trustee has pushed back the deadline multiple times. In 2025, the exchange set October 31, 2026, as the deadline for completing creditor repayments. This marks the third extension since the original October 2023 deadline.<\/p>\n
Creditors have waited years to recover their funds. Many received Bitcoin when it was worth hundreds of dollars. Now with BTC near $70,000, the incentive to sell runs high. Every movement from Mt. Gox wallets triggers speculation about imminent distributions.<\/p>\n\t\t