Dormant Bitcoin Wallet Linked to BTC-e Founder Moves $694M

Core Insights - A dormant Bitcoin wallet transferred approximately 6,500 BTC, valued at $694 million, on October 17, linked to Alexander Bilyuchenko, an alleged co-founder of the defunct BTC-e exchange [1][3][5] Group 1: Transaction Details - The transaction occurred at 16:34 UTC, moving funds from the primary wallet to two unidentified addresses, with the original wallet receiving the Bitcoin on November 23, 2022 [2] - The wallet is associated with Bilyuchenko, who is on the US Secret Service's most-wanted list for his involvement with BTC-e, which was shut down in 2017 for facilitating money laundering [3][4] Group 2: Legal and Historical Context - Bilyuchenko is implicated in laundering at least 647,000 Bitcoin from the Mt. Gox hack, with legal actions leading to the arrest of his partner, Alexander Vinnik, in 2017 [4] - The recent fund movement follows Vinnik's release from US custody in February 2025, indicating a pattern of activity related to significant developments involving BTC-e's former operators [5] Group 3: Market Implications - The $694 million transfer occurs amid a turbulent digital asset market, with Bitcoin prices dropping to the $105,000 level and over $1 billion in crypto positions liquidated in the last 24 hours [7] - This liquidation has intensified selling pressure, confirming a bearish trend in the market, with negative sentiment reflected in technical indicators across various time frames [8]