Bitcoin faces renewed supply risk tied to the Mt. Gox saga, with on-chain researchers flagging movements from wallets linked to Aleksey Bilyuchenko. Arkham analyst Emmett Gallic said that 1,300 BTC have been deposited to an unidentified exchange over the past week, a transfer worth about $114 million at current prices. The wallets are reported to hold roughly 4,100 BTC, with 2,300 BTC having been sold into the market to date. However, it remains unclear who actually controls these funds.
Bilyuchenko faces legal exposure in both the United States and Russia. The U.S. Department of Justice charged him and Alexander Vinnik in 2023 for laundering about 647,000 BTC related to the Mt. Gox hack, with potential penalties of up to 20 years in prison. Separately, a California court is pursuing charges tied to BTC-e’s operation, carrying a potential sentence of up to 25 years. In Russia, authorities have already secured a conviction over a WEX asset embezzlement case valued at about 3.1 billion rubles, and he remains in custody. As of writing, Bitcoin trades near $87,756, with broader crypto assets continuing to be volatile.
Mt. Gox has begun repayments to creditors via multiple exchanges, though trustee Nobuaki Kobayashi did not disclose the exact sums. CNBC reports that about 950,000 BTC were lost in the original hack, with roughly 140,000 BTC recovered, equating to a recovery value around $9 billion at today’s prices and a recovery rate of approximately 15%. In the long run, any substantial sale by creditors could exert downward pressure on Bitcoin, especially if even a portion of the recovered funds hits the market. Notable creditors among early supporters include Roger Ver, Adam Back, Greg Maxwell, and Bruce Fenton, underscoring the potential for significant market impact if restitution accelerates.
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