Mt. Gox Rattles Market With $739M Bitcoin Move, BTC Price Falls Below $70K

Mt. Gox, the now-defunct crypto exchange, 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.

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 of 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.

The transaction took place in a manner reminiscent of all previous reorgs of the Mt. Gox wallet. It usually involves large amounts of BTC split between new addresses and in-house wallets prior to repayment-related activity. The transferred coins as of now have not been seen moving to any exchange or third party custody platform.

Mt. Gox is still one of the largest holding creditor assets that have not been released to the 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 resumption of repayment initiatives.

BTC Price Crashes To $69K

The transfer was made at a time of great market weakness as Bitcoin fell considerably. At press time, the BTC price plunged 3.65% to $69,991.56. It marked 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 big unrealized gains for creditors at current values despite the recent slump.

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