Bitcoin Wallet Stirs Up Drama as $694M Moves: The Return of a Dormant Asset

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In the ever-exciting world of cryptocurrency, a Bitcoin wallet that had been lying dormant for no less than three years, has come to life! It decided that it was time to move its entire stash of approximately 6,500 BTC, worth a grand total of $694 million, on October 17. Well, what else would one expect from an account linked to none other than Alexander Bilyuchenko, a Russian national and alleged co-founder of the once-prominent (now defunct) cryptocurrency exchange, BTC-e?

Well, well, well… Wallet bc1ql7c just transferred the entire 6,500 $BTC ($694M) to some new addresses after THREE long years of snoozing.

And guess where those 6,500 $BTC came from? You guessed it-straight from Ivanov (Bilyuchenko) three years ago!

Bilyuchenko, aka Ivanov (also known for being on the US Secret Service’s most-wanted list for all the wrong reasons), is behind BTC-e…

– Lookonchain (@lookonchain) October 17, 2025

The transaction, which made its grand appearance at precisely 16:34 UTC, saw the funds being transferred from the sleepy old wallet to two fresh and utterly mysterious destination addresses. Blockchain data reveals that the original wallet received these bitcoins on November 23, 2022, from another wallet that, surprise surprise, also had Bilyuchenko’s name written all over it.

In case you weren’t keeping track: Bilyuchenko (alias Ivanov) is currently a wanted man in the U.S. for his role in operating the now-defunct BTC-e exchange. The authorities shut the platform down back in 2017, accusing it of laundering billions of dollars for cybercriminals. What a lovely reputation, don’t you think?

And if that’s not enough drama for you, let’s talk about the 2023 indictment from the U.S. Department of Justice. Bilyuchenko allegedly conspired to launder at least 647,000 Bitcoin stolen in the infamous Mt. Gox hack. You know, the one that made history. The whole shebang culminated in the arrest of Alexander Vinnik in 2017. Vinnik, by the way, was Bilyuchenko’s partner in crime (or, you know, *business*). Vinnik was the public face of BTC-e. Guess what happened next? In February 2025, Vinnik was released and swapped for a few political favors. Classic.

So, why now? Why move the funds at this very moment? Well, that remains a mystery, dear reader. But rest assured, this isn’t the first time we’ve seen some shady BTC-e wallet activity following developments involving its founders. Truly, a classic case of crypto suspense!

Are Bilyuchenko’s Alleged Ties to Russian Intelligence Just a Coincidence? Or…?

Let’s up the ante, shall we? This story has broader implications because of Bilyuchenko’s *rumored* ties to Russian state actors. Back in 2019, case documents suggested that Bilyuchenko was forced to transfer crypto assets worth $450 million from WEX (the successor exchange to BTC-e) to none other than Russia’s Federal Security Service (FSB). Suspicious, much?

Bitcoin Price Plunges Amid $1B Liquidation Cascade | Source: Trading View

So, while all this is going down, Bitcoin is not having the best of days. The market is experiencing a rather turbulent time, with Bitcoin sinking to around the $105,000 mark. Why? Well, let’s just say that over $1 billion in Bitcoin and other crypto positions were liquidated in the last 24 hours alone.

This liquidation fiasco has only fueled the prevailing bearish sentiment in the market. Technical indicators on the charts suggest that Bitcoin is feeling a bit, shall we say, under the weather. The 1-hour, 4-hour, and 1-day charts all scream “weakness” (not that we’re complaining, of course).

🚨 JUST IN: $1 BILLION Bitcoin and crypto liquidations over the past 24 hours!

– Bitcoin Archive (@BTC_Archive) October 17, 2025

Now, if you’re one of those traders glued to your screens watching the chaos unfold, take note: key price levels are forming. There’s a primary support around $104,044.4. If Bitcoin can’t hold that level, well, buckle up for more declines. But, if there’s a rally (because who doesn’t love a good comeback story?), resistance lurks above at $108,291.2. Traders, beware! If that rally happens, short-selling may just be your best bet.

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2025-10-18 02:41