Breaking down BTC-e cryptocurrency movements post-shutdown

At the time of its shutdown in 2017, BTC-e still held a substantial amount of Bitcoin. In April 2018, BTC-e moved over 30,000 Bitcoin out of its service wallet, a substantial portion of which worth over $50 million went to the now-sanctioned OTC desk Suex. Since then, the actor (or actors) controlling the BTC-e wallet were still occasionally able to move small amounts of funds to other destinations, presumably to convert them to cash or otherwise salvage them for future use. For example, in October 2021, BTC-e transferred over 100 Bitcoin (valued over $6 million at the time of the transfer) to personal wallets and eventually to several exchanges that service Russia and other Eastern European countries.

While today’s $165 million withdrawal marks the largest withdrawal since April of 2018, BTC-e actually began withdrawing funds from its wallet nearly a month ago. On October 26, both BTC-e and WEX, an exchange generally understood to be the successor entity to BTC-e, sent small amounts of Bitcoin to Webmoney, a Russian electronic payments service that supports cryptocurrency. Then on November 11, BTC-e made a test payment out of its wallet before transferring approximately 100 Bitcoin indirectly to an exchange on November 21, two days prior to today’s large withdrawals.

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