Mt. Gox Hacker Aleksey Bilyuchenko Accelerates Bitcoin Selloff Amid Market Pressure
According to Arkham Intelligence, wallets linked to Aleksey Bilyuchenko have transferred approximately 1,300 BTC, worth around $114 million, to exchanges within the past week. Since October, a total of 2,300 BTC has been sold, while about 4,100 BTC valued near $360 million remain held by these wallets. These transfers indicate a controlled selloff rather than panic selling, with deposits routed through various exchanges to obscure their final destinations.
Approximately 8,000 BTC tied to the WEX/BTC-e case are believed to be controlled by Russian authorities (FSB), with around 6,500 BTC moved earlier in the period. This movement raises questions regarding Bilyuchenko's incarceration status and control over these funds. Moscow courts have seized most of Bilyuchenko’s other assets, but it remains unclear whether he is jailed or still controls the wallets linked to the recent transfers.
In June 2023, the U.S. Department of Justice charged Bilyuchenko and co-conspirator Verner for laundering roughly 647,000 BTC stolen from the Mt. Gox exchange between 2011 and 2014. Bilyuchenko allegedly helped set up BTC-e with Alexander Vinnik; the BTC-e platform processed over $9 billion in transactions and served about one million users before its shutdown.
The market impact is notable, with Bitcoin's price hovering around $87,000 amid significant whale-seller selling pressure. ETF outflows have also been substantial, totaling about $650.8 million over four days, including a single-day outflow of $157 million led by BlackRock. Wallets holding between 10,000 and 100,000 BTC have reduced their holdings by approximately 36,500 BTC since early December.
Analysts note a dense overhead supply cluster between $94,000 and $120,000, creating resistance and headwinds for a rapid price rebound. Most asset managers anticipate a recovery year in 2026; however, the ongoing selloff linked to Bilyuchenko could extend the consolidation phase well into early 2026.
