Bitcoin addresses worth approximately 8 billion USD show signs of being stolen or losing the Private Key through unusual transactions.
According to Coinbase director Conor Grogan, transferring assets through the BCH network before moving BTC may be a way to test the Private Key to avoid detection by cryptocurrency whale tracking services.
MAIN CONTENT
BTC address worth approximately 8 billion USD transferring large assets shows signs of possible Private Key loss.
The experimental transfer method through BCH to assess wallet control while avoiding surveillance.
This development could lead to the largest cryptocurrency asset theft in history if true.
What happened to these Bitcoin addresses worth billions of USD?
Conor Grogan, director at Coinbase, confirms that Bitcoin addresses with a total market value of approximately 8 billion USD have recently transferred a large amount of assets, indicating that the wallet may have been stolen or lost the Private Key. Analysis suggests this could be an attempt to discreetly test wallet control before executing a large transaction.
The transfer of assets starting on the Bitcoin Cash (BCH) network and then to Bitcoin shows a strategy aimed at evading the surveillance of services analyzing cryptocurrency whale movements.
Why is the test transfer through the BCH chain considered unusual?
Analysts believe that BCH is not monitored as closely as Bitcoin, so testing the Private Key on the BCH network helps the wrongdoers assess feasibility without drawing attention.
This was emphasized by Coinbase director Conor Grogan, pointing out that only one related address transferred BCH, while other BCH wallets remained unaffected, forming a strangely regulated event.
Recent transactions are extremely unusual, and if this is indeed a theft, it will become the largest cryptocurrency heist in human history.
Conor Grogan, Director of Coinbase, 5/7/2024
How does the Private Key test transaction work in this case?
The action of transferring all BCH from a test address to verify whether the Private Key is still under control before performing a transfer of BTC, which is more securely protected.
This action indicates that the perpetrator is well aware of wallet monitoring mechanisms and is seeking to avoid detection by using a less monitored network.
What impact could this incident have on the cryptocurrency market?
If confirmed as theft of the Private Key, this would be the biggest shock to safety in the cryptocurrency space, seriously affecting the reputation of storage wallets and security services.
Customers and investors will have reason to seriously evaluate security risks and promote the adoption of safer solutions such as cold wallets or multi-signature.
Factor Bitcoin (BTC) Bitcoin Cash (BCH) Whale monitoring and tracking Very tight, many monitoring services and tools Lower, less attention from major services Popularity Leading cryptocurrency, largest market cap Smaller community, fewer transactions Usability as a testing channel Not suitable due to strong monitoring Suitable for discreet testing purposes
Frequently Asked Questions
What does transferring BCH before transferring BTC mean? This could be a Private Key test on the less monitored BCH network to avoid detection when transferring large BTC. Why is the transfer value of up to 8 billion USD significant? This large value creates extreme security pressure, and losing the Private Key would severely affect the market and user trust. How to protect the Private Key from being stolen? Use cold wallets, multi-signature protection, avoid disclosing personal information, and closely monitor risky activities. How do unusual transactions by whales affect the market? Large and unusual transactions often cause price volatility, increasing market anxiety and impacting investor sentiment. How can I track whale activities? There are many on-chain tracking services and blockchain analysis that provide data to better capture whale behavior.
Source: https://tintucbitcoin.com/bitcoin-gan-8-ty-usd-co-the-mat-khoa/
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