Cryptocurrency wallets connected to Aleksey Bilyuchenko, charged by U.S. authorities over the Mt. Gox hack, have moved another 1,300 Bitcoin (BTC) worth approximately $114 million to unidentified exchanges over the past seven days.
The transfers were flagged by Arkham Intelligence analyst Emmett Gallic.
These entities currently hold 4,100 Bitcoin valued at around $360 million and have sold a total of 2,300 BTC, according to on-chain data.
What Happened
Bilyuchenko-linked wallets deposited the Bitcoin to unknown cryptocurrency exchanges between December 17 and December 24.
The movements represent a continuation of selling activity from addresses associated with the Russian national.
Arkham Intelligence tracks blockchain transactions to identify wallet owners and monitor large cryptocurrency movements.
The U.S. Department of Justice unsealed charges against Bilyuchenko in June 2023.
Prosecutors accused him and co-conspirator Aleksandr Verner of stealing approximately 647,000 Bitcoin from Mt. Gox between 2011 and 2014.
The DOJ also charged Bilyuchenko with operating the illicit cryptocurrency exchange BTC-e alongside Alexander Vinnik from 2011 to 2017.
BTC-e facilitated money laundering for cybercriminals worldwide before authorities shut it down.
Read also: Arthur Hayes Liquidates $5.53 Million In Ethereum To Purchase DeFi Tokens
Why It Matters
The Mt. Gox hack remains one of cryptocurrency's largest thefts.
The exchange collapsed in 2014 after losing 850,000 Bitcoin, with only 200,000 later recovered.
Mt. Gox has been distributing recovered funds to creditors throughout 2024, with the repayment deadline extended to October 2025.
The recent wallet movements raise questions about the disposition of stolen funds that were never recovered.
Bilyuchenko remains in Russia and has not been extradited to face U.S. charges.
Russian authorities previously arrested him in connection with the WEX exchange collapse, but his current legal status remains unclear.
Large Bitcoin movements from wallets connected to major hacks typically attract market attention due to potential selling pressure.
However, Bitcoin trades around $88,000 as of December 24, showing minimal immediate impact from these transfers.
Read next: Bitcoin Approaches Potential Fourth Annual Loss Since 2014 As October Crash Reverberates
