TLDR

  • The wallet linked to the Mt. Gox hacker has quietly sold 2,300 BTC over a month, with 110 BTC transferred in the past week alone.
  • The remaining 4,100 BTC in the Mt. Gox hacker’s wallet, valued at $360 million, has raised concerns about market liquidity.
  • Bitcoin liquidations by the wallet linked to the Mt. Gox hacker have been conducted on unknown exchanges, complicating tracking.
  • Bilyuchenko’s Bitcoin sell-off could exert downward price pressure in conditions of weak market liquidity.

A wallet linked to Aleksey Bilyuchenko, the hacker allegedly involved in the 2014 Mt. Gox breach, has quietly sold over 2,300 Bitcoin (BTC) in recent weeks. These transactions, taking place across multiple unidentified exchanges, have raised concerns within the crypto community regarding their potential impact on market stability. The wallet, still holding 4,100 BTC worth $360 million, has continued to carry out these trades, fueling speculation about the future of the remaining assets.

Gradual and Methodical Bitcoin Liquidation

Since early November 2025, the wallet has quietly offloaded a significant amount of Bitcoin. According to Emmett Gallic, an analyst at Arkham Intelligence, the hacker’s wallet has transferred approximately 2,300 BTC in the past month alone. In the last seven days, about 110 BTC, worth $114 million, were sent to unidentified exchanges.

The liquidation appears intentional and phased, indicating a deliberate approach rather than a sudden dump of assets. Analysts think the strategy is aimed at avoiding large-scale market disruption.

The gradual movement of these funds is regarded as a controlled liquidation, with the potential to continue in the coming weeks or months, depending on market conditions. Bilyuchenko’s remaining 4,100 BTC is expected to be liquidated at a similar pace, which could influence market liquidity and Bitcoin prices over time.

Uncertainty Surrounding Wallet Ownership and Control

Despite the ongoing transfers, it remains unclear who currently controls the wallet linked to Bilyuchenko. The hacker, who was arrested in Russia in 2025, had much of his assets seized, but it is unknown whether he retains control over this wallet or if another party is conducting these transactions. The lack of clarity regarding the wallet’s current ownership has raised further concerns about the legitimacy of the transfers and the potential for market manipulation.

Although the wallet is associated with Bilyuchenko, his arrest and the seizure of assets suggest that another party could be responsible. The use of obscure exchanges adds to the uncertainty, making it difficult to track the exact nature of the transactions or the identity of the involved parties. This ambiguity has left the crypto community cautious as they attempt to assess the risks of such large movements occurring without clear accountability.

Potential Market Risks and Liquidity Concerns

The ongoing liquidation of Bitcoin by Bilyuchenko’s wallet has raised concerns about potential risks to market liquidity. While Bitcoin’s daily trading volume has been robust, averaging $155 billion in Q3 2025, large-scale liquidations could still impact the price, particularly during periods of low market liquidity.

If the Bitcoin being sold on unknown exchanges suddenly floods the market, it could exert downward pressure on Bitcoin’s value, especially if it coincides with other macroeconomic factors such as geopolitical tension or shifts in Federal Reserve policy.

The relatively slow and controlled pace of the liquidation provides a buffer, but traders and investors remain wary of hidden risks. Analysts caution that while Bitcoin’s liquidity is strong, the cumulative effect of Bilyuchenko’s ongoing sell-off, combined with the uncertain exchanges used, could result in volatility.

The challenge of tracking these movements on obscure exchanges further complicates efforts to accurately gauge their impact. As a result, the crypto market may face additional uncertainty as the liquidation process continues.