Entities linked to Aleksey Bilyuchenko, a figure charged by U.S. authorities in connection with the historic Mt. Gox hack, have continued moving large amounts of Bitcoin to exchanges, according to on-chain analysis shared this week.
Blockchain intelligence platform Arkham said wallets associated with Bilyuchenko transferred roughly 1,300 Bitcoin over the past seven days to unidentified exchanges.
At current prices, the transfers are worth approximately $114 million. The analysis was highlighted by Arkham analyst Emmett Gallic, who noted that the activity appears consistent with gradual distribution rather than a single large liquidation event.
Despite the recent transfers, the wallets in question still hold around 4,100 BTC, valued at roughly $360 million. Arkham data shows that the entities have sold or moved a total of about 2,300 BTC so far, suggesting that a significant portion of the holdings remains intact even as funds are steadily sent to exchanges.
Bilyuchenko has been charged by the U.S. Department of Justice for his alleged role in laundering proceeds tied to the collapse of Mt. Gox, once the world’s largest Bitcoin exchange. Mt. Gox infamously collapsed in 2014 after losing hundreds of thousands of Bitcoin, an event that continues to reverberate through crypto markets more than a decade later.
The renewed movement of funds has drawn attention from traders and analysts, as large transfers from wallets associated with early hacks or bankruptcies can create uncertainty around potential selling pressure.
While the identities of the destination exchanges remain unknown, deposits to exchange-linked wallets are often interpreted as a precursor to liquidation, though not all deposits result in immediate sales.
The timing of the transfers is also notable, coming amid heightened market sensitivity to large Bitcoin movements and ongoing volatility in crypto prices. Analysts say that even partial liquidation of such sizable holdings could influence short-term market dynamics, particularly if sales accelerate.
For now, Arkham’s data suggests a measured approach rather than an aggressive unwind. Still, with billions of dollars’ worth of Bitcoin tied to historic cases like Mt. Gox, the market is likely to continue closely monitoring these wallets for further signs of distribution.