Dormant Bitcoin Wallet Linked to BTC-e Founder Moves $694M
A dormant Bitcoin wallet transferred 6,500 BTC ($694 million) on October 17. The wallet is linked to Alexander Bilyuchenko, a Russian national associated with the defunct exchange BTC-e.
The transaction moved funds from the original wallet to two new addresses. The Bitcoin was initially received in November 2022 from a wallet tied to Bilyuchenko.
Bilyuchenko, also known as Ivanov, is wanted by the US Secret Service for operating BTC-e, shut down in 2017 due to money laundering allegations.
He is accused of laundering 647,000 Bitcoin stolen during the Mt. Gox hack. This led to the arrest of his partner, Alexander Vinnik, in 2017.
Vinnik was released from US custody and returned to Russia in February 2025 after a prisoner swap. The motive for the recent fund movement remains unclear.
Bilyuchenko reportedly has ties to Russian intelligence, with claims that he transferred $450 million worth of crypto to Russia's FSB.
The transfer occurred amid market turbulence, with Bitcoin dropping to $105,000 due to a $1 billion liquidation in the crypto market over 24 hours.
The selling pressure confirms a bearish trend, with technical indicators showing negative sentiment for Bitcoin across various time frames.
Key support and resistance levels are at $104,044.4 and above $108,291.2 respectively, indicating potential trading opportunities.
