Defunct bitcoin exchange Mt. Gox executed its largest single transfer in months on June 2, moving 10,422.65 BTC—worth approximately $739 million at the time—to a new wallet. The on-chain transaction occurred at 04:47 UTC and was recorded on Bitcoin block 952,072.
According to data from Arkham Intelligence and Lookonchain, the movement split into two parts: 10,306.35 BTC ($730.78 million) was sent to a previously unseen address beginning with 14FEEM, while a smaller 116.30 BTC ($8.25 million) was routed to Mt. Gox’s known hot wallet at 1Jbez. This split pattern mirrors earlier administrative transfers that preceded creditor distributions, though none of the coins have yet been forwarded to a custody provider or exchange.
Mt. Gox still holds roughly 34,504 BTC, valued at $2.43 billion, making it the largest unresolved holding tied to any failed crypto exchange. The creditor repayment process began in mid-2024, and around 19,500 creditors have already received funds. However, trustee Nobuaki Kobayashi has extended the final deadline twice, most recently in October 2025 when a Tokyo court pushed it from October 31, 2025 to October 31, 2026, citing incomplete procedures and pending processing issues.
The transfer comes amid a broader bitcoin price slide that saw BTC dip below $71,000 for the first time in weeks. Market pressures include Strategy’s first publicized bitcoin sale, a record 10-session streak of outflows from spot ETFs, and stalled U.S.-Iran ceasefire talks. Analysts note that bitcoin was trading at about $70,503 with oversold conditions (RSI 23.9) and a bearish MACD signal. Short-term forecasts suggest a possible rebound to $73,500 if support at $70,800 holds, or a drop toward $68,500 if it breaks. Longer-term, the Mt. Gox supply is expected to disperse gradually rather than as a single shock, though any distribution would likely involve sellers realizing substantial gains given that the coins were largely acquired before the 2014 collapse.
