Eight old Bitcoin wallets holding $8.6B suddenly moved funds after 14 years, sparking fears of hacks or major whale activity.
Each wallet moved exactly 10,000 BTC to new modern addresses, triggering suspicion due to the synchronized timing.
A BCH test transaction before the transfers raised red flags, hinting that the wallet keys may have been stolen or tested quietly.
Eight dormant Bitcoin wallets suddenly came to life this week, transferring a total of 80,009 BTC worth over $8.6 billion. Each wallet, untouched for more than 14 years, originally received exactly 10,000 BTC in 2011 when Bitcoin was trading at just $0.78. Now, those same coins are worth more than $1.1 billion per wallet. The sudden movement has raised eyebrows across the crypto community, with speculation of possible security breaches or deliberate owner action.
Massive BTC Transfer Raises Eyebrows
On April 3, 2011, a major transaction split 23,377.83 BTC into three wallets. Two wallets received 10,000 BTC each, while the third got the remainder. For over a decade, those two key wallets remained completely inactive. However, late Thursday night and into early Friday morning, both wallets moved their entire 10,000 BTC holdings to fresh addresses. These transactions happened within just 30 minutes of each other.
The new receiving addresses have not moved the funds again. Both were freshly created and used a modern, lower-fee Bitcoin address format. This shift from legacy addresses suggests the sender may be updating for efficiency or planning further activity. Additionally, the synchronized nature of the transfers has triggered intense analysis.
Security Concerns and Suspicious Clues
Coinbase's head of product, Conor Grogan, voiced concern over a possible hack. He noted a suspicious Bitcoin Cash (BCH) transaction involving one of the wallets just hours earlier. According to Grogan, a single BCH test was sent 14 hours before the massive BTC transfer. An hour later, the main Bitcoin movement began.
Moreover, Grogan pointed out that other BCH-linked wallets remained untouched. That behavior, he said, was strange. If the same person owned those wallets, they would likely sweep them too. Hence, it raises doubts about whether this was a test or a signal of compromised private keys.
Consequently, speculation about a potential security breach has grown. If confirmed, this could be the largest digital theft in history. However, no funds have moved further from the receiving addresses. This suggests the situation could still evolve.
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