Bankrupt Japanese cryptocurrency exchange Mt. Gox made its largest Bitcoin transaction in eight months, despite deferring creditor payments until the end of 2026.
According to Arkham, Mt. Gox transferred 10,608 BTC, worth nearly $953 million. This is the largest transaction since March 25, when 893 BTC, worth $77,3 million, were transferred.
At the same time, the exchange still holds 34,689 bitcoins worth approximately $3,14 billion.
This Mt. Gox transfer came as a surprise to the crypto community, as the bankrupt cryptocurrency exchange had delayed payments for another year, until October 31, 2026, citing pending proceedings with creditors.
Because it is desirable to make payments to such creditors participating in the rehabilitation program to the maximum extent possible, the rehabilitation program trustee, with the court’s permission, has amended the deadline, Mt. Gox wrote in an announcement on October 27.
Founded in 2010 in Tokyo, the exchange was once the largest, handling 70% of all Bitcoin transactions globally in 2013. However, in early 2014, it was hacked and lost approximately 850,000 BTC, leading to bankruptcy. In July 2024, Mt. Gox began repaying its creditors.
Despite the crypto community’s concerns about large influxes into the market, Mt. Gox transfers are having an increasingly diminishing impact on Bitcoin’s price as new institutional participants, including treasuries and US spot BTC-ETF, quickly absorb the newly released supply.
The price of Bitcoin has risen more than 60% since Mt. Gox began paying out in July 2024, from $56,160 to the current $91,172.