The defunct exchange transferred 10,608 BTC to an unmarked wallet on Nov. 18, with 185.5 BTC routed to Kraken during an overall market downturn.
Mt. Gox transferred 10,608 BTC worth approximately $953 million on Nov. 18, marking the first large movement from the defunct exchange since March 2025.
The transfer occurred as Bitcoin BTC $89 498 24h volatility: 0.7% Market cap: $1.79 T Vol. 24h: $50.09 B briefly dropped below $90,000.
The transaction is split into two parts: 10,422.64 BTC moved to an unmarked address, while 185.52 BTC transferred to a Mt. Gox hot wallet before routing through an intermediate address to a wallet labeled as Kraken, according to Arkham Intelligence blockchain data.
The transfer executed at 04:40:59 UTC in block 924105.
The receiving wallet holding the 10,422 BTC is still holding the assets. The transfer represents the first significant asset movement from Mt. Gox wallets in eight months.
Repayment Timeline Extended
Mt. Gox rehabilitation trustee Nobuaki Kobayashi extended the creditor repayment deadline to October 31, 2026, from the previous October 31, 2025, target, according to the official trustee announcement dated Oct. 27.
The extension addresses incomplete creditor procedures, with many rehabilitation creditors not yet receiving repayments due to unfinished paperwork.
The transfer occurred three weeks after the delay announcement. The timing raises questions about the purpose of the movement. The trustee has not publicly commented on the November 18 transfer’s purpose.
Under the Mt. Gox rehabilitation plan, creditors can choose between receiving Bitcoin and Bitcoin Cash directly or requesting fiat payments in Japanese yen, according to the official rehabilitation plan.
The trustee would need to liquidate Bitcoin holdings to fulfill fiat payment requests.
Mt. Gox currently holds approximately 34,689 BTC valued at $3.14 billion. The Tokyo-based exchange collapsed in 2014 after losing approximately 850,000 BTC in a security breach.
At its peak after launching in 2010, Mt. Gox handled more than 70% of global Bitcoin trades.
The defunct exchange has distributed approximately 107,311 BTC since repayments began in July 2024, starting from the original 142,000 BTC.
The trustee confirmed that over 19,500 creditors received Bitcoin and Bitcoin Cash payments through March 2025, according to the March 27 announcement.
Market Response
Social media analyst Ted described the transfer as likely wallet reshuffling rather than preparation for sales, posting on X that the movement appeared routine given the recent repayment delay.
Exchange deposits from large Bitcoin holders often signal potential selling activity, though transfers to exchanges do not guarantee immediate sales.
Mt. Gox has transferred $970,460,000 in $BTC to a new address today.
A few weeks ago, it was reported that Mt. Gox has delayed its repayments to Q4 2026.
It seems like this is just wallet reshuffling and nothing else. pic.twitter.com/J3NRW0zC0j
— Ted (@TedPillows) November 18, 2025
When Mt. Gox moved 893 BTC in March 2025, Glassnode analysts noted that such transfers appeared to be part of ongoing creditor repayments, according to Decrypt’s March 2025 reporting.
The analysts noted that on-chain transfers to exchanges do not necessarily confirm creditor repayments, as exchanges may still hold funds in custody.
The March 25, 2025 transfer moved 893 BTC worth $77.3 million, followed by an eight-month dormancy period.
Mt. Gox has processed multiple large transfers since beginning creditor distributions, with exchanges including Kraken and Bitstamp serving as repayment partners.
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