Nearly a decade after its collapse, Mt. Gox is on the move again.
The bankrupt crypto exchange made its largest single transfer in months.
This is significant progress with just under a year left in its creditor payment schedule.
Related: Mt. Gox payment ignites fear among bitcoin ETF investors
The first of many crypto bankruptcies
Mt. Gox began as a trading card market. Originally created for Magic: The Gathering players, the site was repurposed as a Bitcoin (BTC) exchange in 2010 and quickly became the dominant force in early crypto markets.
But its infrastructure never lived up to its ambitions. Security was chronically weak and hackers had been quietly draining user funds since at least 2011 without the exchange realizing it.
In early 2014, user withdrawal complaints increased on the platform. It stopped all operations in February of that year and filed for bankruptcy, revealing that approximately 850,000 BTC, roughly $500 million at 2014 prices, were missing.
A subsequent search turned up around 200,000 BTC in an inactive wallet, reducing but not erasing the loss.
CEO Mark Karpelès was later arrested on charges of embezzlement and data manipulation.
A Tokyo court appointed Nobuaki Kobayashi as a rehabilitation administrator, launching a legal and reimbursement process that has been going on for more than a decade.
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The transfer signals that the distribution of creditors may be close
Mt. Gox transferred more than 10,400 BTC worth approximately $739 million to a new wallet in the early morning hours of June 2, according to blockchain intelligence firm Arkham.
The last major move was about two months ago, in March.
The bulk of the funds, around 10,306 BTC valued at $730 million, landed in a wallet address that had never appeared on-chain before, while a smaller portion of 116 BTC went to a well-known Mt. Gox hot wallet.
The exchange still holds approximately 34,500 BTC worth $2.38 billion.
Administrator Nobuaki Kobayashi has twice extended the payment deadline, most recently in October 2025, when a Tokyo court approved pushing back the deadline by a full year to Oct. 31, 2026, citing unresolved creditor proceedings.
About 19,500 creditors have already received payments since distributions began in mid-2024.
The transfer came during a difficult time for Bitcoin, which has fallen below $70,000 for the first time in weeks, amid the first BTC sale disclosed by Bitcoin giant Strategy and uncertainty surrounding talks between the United States and Iran.