A Mt Gox cold wallet moved 500 BTC on Saturday, leading observers to wonder if it is continuing to repay creditors after pushing the reimbursement deadline to October 2025.
A Mt Gox-related wallet moved around 500 bitcoin (BTC) to unknown wallet addresses on November 1, on-chain data shows. It is unclear if the transaction was part of the defunct exchange’s repayment process that began earlier this year.
Arkham Intelligence shows two transactions of 31.78 BTC and 468.24 BTC to unmarked wallets. Collectively, these asset movements add up to about $35 million flowing out of a Mt Gox-controlled cold wallet. The two transactions have marked significant activity from the exchange in a month or so. On-chain data also reveals that the wallet still holds 44,905 BTC, amounting to $3.1 billion.
Mt Gox made its previous sizeable transaction on August 20, as it moved 12,000 BTC, worth $700 million, to an unknown address. This came as its bankruptcy estate began repaying the exchange’s creditors. It was the first significant transaction since the end of July.
While it began repaying investors this year, Mt Gox’s estate has pushed the deadline for repayments to October 31, 2025. The previous deadline was by the end of this year’s October. An official statement from the bankruptcy estate revealed that many creditors had not completed the processes to receive their repayments, leaving Mt Gox unable to reimburse their funds. Furthermore, the exchange ran into issues as it repaid certain creditors twice, leading it to request them to send the overpaid amounts back to its wallet. It has admitted fault for the double payments.
Mt Gox Asset Movements Did Not Cause BTC’s Price to Slide on October 31
The Mt Gox reimbursements offered severe resistance to BTC price action throughout the year, alongside other events like the German government offloading massive chunks of its BTC holdings. The current Mt Gox transactions may not have been the reason for BTC’s recent price correction, as the asset dropped from over $73,000 to below $69,000. That slide occurred much before the exchange transacted the millions.
Mt Gox was the biggest crypto exchange at one point—it handled over 70% of all BTC flows until it crashed and burned in 2014. Weak security practices like storing all user deposits in hot wallets let hackers ransack the exchange for over two years, leading to eventual withdrawal suspension for users. The exchange’s mishandling of user funds has become the go-to case study in the industry for what service providers must not do.
