Mentougou hacker strikes again: 926 BTC flows to mysterious trading platform

January 13th, the associated address of the Monrovia hacker Aleksey Bilyuchenko has once again shown a large transfer. According to on-chain monitoring data, this address deposited 926 BTC into an unknown trading platform. This is not an isolated event but the latest indication that this address, linked to a historic hack in 2014, remains active. Currently, the address still holds 3,000 BTC, which, at current BTC prices, is worth approximately $275 million.

Signals of Anomalous Activity from the Hacker Address

Transfer Scale and Timeline

According to the latest monitoring, Aleksey Bilyuchenko’s associated address transferred 926 BTC. This is a substantial transaction; at the current BTC price of $91,018.44, the USD value of this transfer is approximately $84.3 million.

Notably, after transferring out these 926 BTC, the address still retains 3,000 BTC. This suggests the hacker did not liquidate all assets at once but is moving them in batches. This strategy may reflect several considerations: first, to reduce market impact; second, to test the feasibility of withdrawal pathways.

Questions About Identity and Source

It remains uncertain whether Aleksey Bilyuchenko himself still holds these assets. This detail is crucial. Bilyuchenko last appeared in Moscow serving a 3.5-year sentence. This means he may have been released, may still be incarcerated, or the assets may have already been transferred to others.

This uncertainty about identity increases market anxiety. A hacker who has been released and is still transferring large amounts of Bitcoin, versus assets belonging to someone who is deceased or still in prison and has been transferred to others, has very different implications for the market.

Historical Context and Market Significance

Review of the Monrovia Incident

The reason this hacker-related address draws attention is due to a shocking event in 2014. At that time, Mt. Gox was the world’s largest Bitcoin exchange, handling about 70% of global transactions. In February 2014, the platform announced that approximately 850,000 BTC had been stolen and filed for bankruptcy. This event caused Bitcoin prices to plummet by 80%, plunging the entire market into a prolonged “winter” lasting over two years.

Since then, these stolen Bitcoins have left a permanent record on the blockchain. Every movement of these addresses attracts intense market attention.

Current Market Context

Compared to history, the current market environment is very different. The market cap of BTC has reached $1.82 trillion, accounting for 58.62% of the total market. In this context, the transfer of 926 BTC, while still large, has a diminished impact relative to the total market size. However, the psychological impact may be greater — it signifies that a historic risk source remains active.

Market Observation and Future Trends

Implications of Transfer to “Unknown Trading Platform”

The most mysterious aspect of this transfer is its destination — an unknown trading platform. Several scenarios are possible: first, the hacker is seeking a small or less-known exchange to cash out; second, this transfer is just a middle step, with the final destination still uncertain; third, the hacker is testing a new withdrawal channel.

Regardless of the case, this indicates active planning by the hacker to monetize or transfer assets. If more Bitcoin are subsequently moved to trading platforms, the market should be alert to potential large-scale sell-offs.

Personal Observations

From an on-chain data perspective, increased activity of this address is a signal worth monitoring continuously. However, in the short term, this transfer of 926 BTC is unlikely to significantly impact BTC prices — such transaction sizes are relatively common in today’s market. But if this trend persists, and the hacker address continues to transfer the remaining 3,000 BTC over the coming weeks or months, the market should prepare for possible selling pressure.

Summary

The event of the Monrovia hacker’s address transferring another 926 BTC essentially highlights three issues: first, the lingering risks from the 2014 incident have not been fully eliminated; second, the hacker’s assets may be entering a liquidation phase; third, the market needs to stay vigilant regarding large on-chain movements.

The address still holds 3,000 BTC, which will continue to be a focus of market observation. Future attention should be on whether these assets will be further transferred in batches, whether the destination exchanges will eventually execute large sell-offs, and the true identity and current status of Aleksey Bilyuchenko. The answers to these questions will directly influence market perceptions of the future trajectory of this historic hacker’s assets.