Bitcoin associated with the defunct Mt. Gox exchange is on the move again, with onchain data showing a $35 million transfer to unknown addresses on Nov. 1. It was not clear if the movement was part of an effort to repay creditors.

Blockchain intelligence platform Arkham revealed that 500 Bitcoin ( BTC ) worth about $35 million had been transferred from the Mt. Gox cold wallet.

There were two transactions of 31.78 BTC and 468.24 BTC to two unmarked addresses. It was the first major coin movement from Mt. Gox-associated wallets in about a month. 

There is still 44,905 BTC worth about $3.1 billion sitting in Mt. Gox-flagged addresses, according to Arkham.

Mt. Gox makes $35M BTC transfer to unmarked addresses image 0

Mt. Gox BTC transfer. Source: Arkham Intelligence

On Aug. 20, the defunct crypto exchange moved 12,000 coins worth about $700 million at the time to a new unknown wallet address in its first major transaction since the end of July, when the trustee managing Mt. Gox assets began distributing funds to creditors. 

Earlier this month, Mt. Gox postponed the deadline to repay its creditors by a year, pushing the due date to return funds to Oct. 31, 2025. 

The official statement said that “many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”

It also cited “system issues” resulting in some creditors receiving double deposits . The trustee admitted fault and asked recipients to return the overpaid funds. 

The platform was one of the first Bitcoin exchanges in the world and, at one point, handled about 70% of all global BTC transactions. It faced a series of security breaches and hacks that resulted in a halt in withdrawals and its collapse in 2014.

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The Mt. Gox repayment process and potential liquidation of BTC have raised significant concerns about its impact on spot prices.

The asset has entered a correction , falling 5.5% from its Oct. 30 high of $73,300 to briefly dip below $69,000 during early trading on Nov. 1. This was unlikely to be related to the latest Mt. Gox coin movements as the market pullback began around 18 hours earlier on Oct. 31.

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