Finance

Mt. Gox Moves $1 Billion in Bitcoin: Will Creditor Repayments Trigger Another Market Dip?

Mt. Gox wallets moved $1B in Bitcoin, sparking market concern over delayed creditor repayments.

November 18, 2025, 2:12 PM

Physical Bitcoin coins and letter blocks spelling "ETF" resting on US dollar bills.

The letters ETF rest on a Bitcoin coin atop US dollars, symbolizing entering a digital money fund. By K.unshu / Shutterstock.com.

Executive Summary

Wallets associated with the defunct Mt. Gox exchange transferred nearly $1 billion worth of Bitcoin, specifically 10,608 BTC, early Tuesday to two distinct addresses, including Kraken.

This marks the first significant movement of funds from Mt. Gox since March and occurs amidst its protracted creditor repayment process, which now has a new deadline of October 31, 2026.

Past major Mt. Gox repayments have historically led to Bitcoin sell-offs, and the cryptocurrency experienced a drop of approximately 0.5% in the last 24 hours following this latest transfer.

The Story So Far

Mt. Gox, once the largest Bitcoin exchange, filed for bankruptcy in 2014 after losing approximately 850,000 BTC due to a vulnerability, leading to a decade-long wait for creditors to receive repayments which only formally began last year; these ongoing repayments, whose deadline was recently extended to October 2026, have historically triggered significant sell-offs in the Bitcoin market as long-waiting creditors gain access to their appreciated funds.

Why This Matters

The recent movement of nearly $1 billion in Bitcoin from Mt. Gox wallets signals a renewed phase in its long-awaited creditor repayment process, which now faces an extended deadline of October 2026. This activity, historically linked to Bitcoin price volatility, raises concerns about potential market sell-offs as creditors finally gain access to their funds, potentially impacting Bitcoin’s valuation in the coming months.

Who Thinks What?

The Mt. Gox trustee has extended the deadline for remaining repayments to October 31, 2026, indicating that the repayment process is still incomplete due to various creditor procedures and issues.

Creditors, having waited over a decade, are now receiving their long-anticipated Bitcoin repayments, with historical trends suggesting they may sell off their holdings to realize profits from Bitcoin’s price appreciation.

The Bitcoin market and analysts anticipate that the movement of Mt. Gox’s substantial Bitcoin holdings, and subsequent repayments to creditors, could trigger further sell-offs and price drops, as evidenced by recent market declines.

Wallets associated with the defunct cryptocurrency exchange Mt. Gox moved nearly $1 billion worth of Bitcoin early Tuesday, marking the first significant transfers from the exchange since March and reigniting discussions around its protracted creditor repayment process, which now faces a new deadline of October 2026.

Mt. Gox Bitcoin Transfers

According to on-chain data tracked by blockchain analytics firm Arkham Intelligence, a Bitcoin address identified as “Mt. Gox Cold Wallet” transferred 10,608 BTC, valued at approximately $988 million, to two distinct addresses. Of this amount, 185 BTC was sent to a hot wallet controlled by Mt. Gox before being moved to an address belonging to crypto exchange Kraken, while the remaining 10,423 BTC was directed to a fresh Bitcoin address.

The movement to Kraken, an exchange involved in facilitating Mt. Gox’s repayments, has drawn attention. A Kraken spokesperson declined to comment on the transaction.

Background on Mt. Gox Repayments

Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy in 2014 after losing approximately 850,000 BTC due to a vulnerability in its source code. Creditors have been awaiting repayments for over a decade, with formal distributions commencing last year.

Since July 2024, Mt. Gox’s labeled wallets have seen a reduction of over 100,000 BTC, with current holdings estimated at around 35,000 BTC, or approximately $3.2 billion. So far, about 19,500 creditors have received repayments.

Delayed Repayment Deadline and Market Impact

Despite ongoing repayments, the Mt. Gox trustee recently extended the deadline for remaining payments by a full year to October 31, 2026. This rescheduling was approved by a Tokyo court last month, citing incomplete creditor procedures and other issues.

Previous major batches of repayments have historically triggered sharp sell-offs in the Bitcoin market, as long-waiting creditors gained access to their funds and capitalized on Bitcoin’s significant price appreciation. Following this latest movement, Bitcoin experienced a drop of approximately 0.5% in the last 24 hours and nearly 11% over the past week, trading at around $93,302, which is about 26% below its August all-time high of over $126,000.