A cryptocurrency wallet that has been associated with Aleksey Bilyuchenko, charged by the U.S. Department of Justice for involvement in the 2011-2014 Mt. Gox exchange hack, has seemingly transferred approximately 2,300 Bitcoin over the past month, according to on-chain data tracked by Arkham Intelligence analyst Emmett Gallic.
In the seven days leading up to December 23, 2025, the controlling entity sent 1,300 Bitcoin—valued at roughly $114 million—to unidentified exchange addresses. The remaining balance stands at 4,100 Bitcoin, equivalent to about $360 million at current prices.
The identity of the party currently managing these funds remains unclear. Bilyuchenko, previously involved in operating the shuttered BTC-e exchange, faced detention in Russia, where courts confiscated a significant portion of his known assets.
This situation raises the possibility that a different individual or group conducted the latest transfers.
The pattern of activity—using undisclosed platforms and spreading transfers over time—indicates a deliberate, gradual process of converting holdings to liquidity, rather than a rapid, large-scale disposal.
These movements represent a continuation of sales that began earlier in the fall of 2025. U.S. authorities now allege Bilyuchenko and an associate stole and laundered hundreds of thousands of Bitcoin from Mt. Gox, contributing to the platform’s spectacular collapse.
The entity related to Aleksey Bilyuchenko has deposited another 1.3K $BTC ($114M) to the unknown exchanges in the past 7 days.
They still hold 4.1K $BTC ($360M). They have sold a total of 2.3K $BTC. https://t.co/GtzPKLb5AC pic.twitter.com/asoaz1wBgL
— Emmett Gallic (@emmettgallic) December 23, 2025
The ongoing transfers involve funds that appear to be separate from the official creditor repayments handled by the Mt. Gox bankruptcy trustee.
It’s worthwhile to note that this kind of activity highlights the transparent nature of blockchain transactions which allow us to identify and carefully examine cryptocurrency transfers in real-time. There are now many types of sophisticated blockchain analysis and analytics tools available for research, investigation, and general trading / investing purposes.
However, there has also been a rise in a number of crypto mixer tools, privacy coins, and ways to obfuscate crypto network activities. This has allowed hackers to cover their tracks and even make certain funds permanently untraceable (like was seen during the ByBit hack).
It seems like there is a constant race now between the bad actors who continue to exploit vulnerabilities in cryptocurrency protocols and the responsible entities that are trying to make it easier for law enforcement to identify and prevent illicit activities.
But with the Mt. Gox situation, we can clearly see that there is a lot of room for quicker and more pro-active measures which would have prevented cybercriminals from carrying out such activities. The case highlights the need for more assertive, urgent action from responsible industry participants.