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Mt. Gox Hacker Dumps $114M in Bitcoin as Selloff Intensifies
The Bitcoin market has been experiencing a significant selloff in recent days, and it appears that one of the contributing factors is the dumping of Bitcoin by entities connected to the alleged Mt. Gox hacker, Aleksey Bilyuchenko. According to reports, Bilyuchenko has deposited 1,300 BTC worth $114 million to unknown exchanges over the past week.
This is not the first time that Bilyuchenko has been linked to a large-scale Bitcoin dump. In October, it was reported that he had begun a controlled distribution pattern, which has continued to this day. Despite the recent dump, it is estimated that Bilyuchenko still holds around 4,100 BTC.
The Mt. Gox hack, which occurred in 2014, was one of the most significant in the history of the cryptocurrency market. At the time, it was reported that around 850,000 BTC had been stolen from the exchange. While some of the stolen funds have been recovered, many are still unaccounted for.
The recent dump by Bilyuchenko has contributed to the intensifying selloff in the Bitcoin market. Bitcoin’s price has been under pressure in recent days, with many analysts attributing the decline to a combination of factors, including the recent hack of the Bitmart exchange and the ongoing regulatory uncertainty in the United States.
As the selloff continues to intensify, many investors are left wondering what the future holds for the Bitcoin market. While some are predicting a further decline in price, others are seeing the current downturn as a buying opportunity. One thing is certain, however: the actions of entities connected to the Mt. Gox hack will continue to be closely watched by market participants.
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