Mt. Gox Moves 10,422 BTC Worth $739 Million to New Wallet While Bitcoin Falls Below $70,000

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• Mt. Gox transferred 10,422.65 BTC worth approximately $739 million to a new wallet on June 2.
• The move represents the exchange’s largest single Bitcoin transfer in months.
• 10,306.35 BTC was sent to a previously unseen address, while 116.30 BTC was routed to a known Mt. Gox hot wallet.
• The transfer comes ahead of the October 31, 2026 creditor repayment deadline.
• Mt. Gox still holds approximately 34,504 BTC valued at around $2.43 billion.
• Bitcoin fell below $70,000 amid ETF outflows, geopolitical tensions, and market liquidations.

Mt. Gox Executes Largest Bitcoin Transfer in Months

Defunct cryptocurrency exchange Mt. Gox moved 10,422.65 BTC, valued at approximately $739 million, to a new wallet at 04:47 UTC on June 2, marking its largest single Bitcoin transaction in months and its most significant movement ahead of the October 31, 2026 deadline to complete creditor repayments.

The transaction was recorded on Bitcoin block 952,072. According to blockchain data, 10,306.35 BTC, worth approximately $730.78 million, was transferred to a previously unseen address beginning with “14FEEM.” A smaller portion totaling 116.30 BTC, valued at roughly $8.25 million, was sent to Mt. Gox’s known hot wallet beginning with “1Jbez.”

Blockchain analytics data indicates that the transfer pattern closely resembles previous administrative wallet movements that preceded creditor distributions. However, as of the latest available data, the transferred coins have not been forwarded to a custody provider or cryptocurrency exchange.

Repayment Process Continues as Deadline Approaches

Mt. Gox remains one of the largest unresolved bankruptcy estates in the digital asset industry. The exchange still controls approximately 34,504 BTC, currently valued at around $2.43 billion.

The creditor repayment process officially began in mid-2024 following years of legal proceedings related to the exchange’s collapse in 2014. Approximately 19,500 creditors have received repayments so far under the rehabilitation plan.

Trustee Nobuaki Kobayashi has extended the repayment timeline twice as administrative procedures continued. The latest extension was approved by a Tokyo court in October 2025, moving the final repayment deadline from October 31, 2025, to October 31, 2026.

According to the trustee, the extension was necessary because some creditors had not yet completed required procedures, while additional processing and verification work remained outstanding.

Transfer Occurs Amid Broader Bitcoin Market Weakness

The latest Mt. Gox transfer occurred during a period of heightened pressure on the Bitcoin market. Bitcoin recently fell below $70,000 for the first time in weeks as several market developments weighed on sentiment.

Bitcoin fell below $70,000 at 8:19 UTC on June 2, declining more than 3.5% over the past 24 hours and briefly touching $69,700, its lowest level in several weeks. The move extended a broader pullback that has pushed the cryptocurrency further away from its previous highs.

The decline coincided with a record streak of outflows from U.S. spot Bitcoin ETFs, with investors withdrawing billions of dollars in recent sessions. The sustained redemptions have reduced a major source of buying support that helped drive Bitcoin’s rally earlier in the year. Bitcoin fell to the 13th-largest asset globally after dropping below $74,000 on May 28, as investor capital continued rotating into AI-focused technology stocks and precious metals. Recently, Strategy sold 32 BTC for approximately $2.5 million while retaining 843,706 BTC, maintaining its position as the world’s largest corporate Bitcoin holder.

Market sentiment has also been pressured by escalating geopolitical tensions between the U.S. and Iran, capital shifting toward AI and technology stocks, and the liquidation of leveraged long positions. Analysts are closely monitoring the $68,000–$70,000 range as a critical support zone amid expectations of continued market volatility.

Among the factors affecting the market were Strategy’s first publicly disclosed Bitcoin sale, a record 10-session streak of spot Bitcoin ETF outflows, and ongoing geopolitical uncertainty surrounding stalled U.S.-Iran ceasefire discussions.

The movement of Mt. Gox-held Bitcoin continues to attract market attention because many creditor claims date back to before the exchange’s collapse in 2014. As a result, recipients of distributed coins may hold Bitcoin acquired at substantially lower historical prices than current market levels.