Defunct Japanese crypto exchange Mt. Gox moved roughly $739 million worth of Bitcoin from its cold wallets early Tuesday, its first onchain movement in over two months. Blockchain data shows the exchange transferred 10,306 Bitcoin, worth approximately $730.8 million, to an unmarked address. Another 116.3 BTC, about $8.25 million, was moved to its hot wallet and subsequently spent.
The movement raises questions about whether creditor distributions are imminent, potentially weighing on markets as creditors may sell after a decade of waiting. Mt. Gox still holds 34,504 BTC worth roughly $2.41 billion. The rehabilitation trustee has set October 31, 2026, as the deadline for completing repayments. Separately, Bitcoin slipped below $70,000 after Strategy sold 32 BTC, its first reported Bitcoin sale since 2022.