A 14-year dormant Bitcoin whale moved $8.6B, sparking fears of a possible key compromise or record-breaking crypto hack.
Conor Grogan flagged unusual BCH activity before the move, hinting the whale may have quietly tested compromised private keys.
Despite no evidence of a sale, the shift aligns with a trend of early holders offloading to ETFs and regulated investment platforms.
An enormous $8.6 billion worth of Bitcoin moved this week, raising fears of a historic hack. The funds, untouched since 2011, came from eight separate wallets. These wallets held Bitcoin since April 2 and May 4, 2011. The coins remained dormant for over 14 years before shifting to modern bc1q- addresses. This transition fueled speculation across the crypto community.
Arkham Intelligence confirmed the transfers and linked all eight wallets to a single whale. The shift likely points to an address upgrade rather than a sell-off. However, the nature of the transaction left room for doubt. Consequently, Coinbase’s head of product, Conor Grogan, suggested a chilling possibility. He noted the movement might stem from compromised private keys.
Grogan revealed that a small Bitcoin Cash transaction preceded the $8.6 billion transfer. This activity involved a 10,000 BTC test. Moreover, it happened 14 hours before the main Bitcoin move. Grogan speculated the owner could have tested keys using BCH to avoid detection. However, he also found the behavior highly unusual.
Speculation Swirls Around Motive and Safety
Besides Grogan, other analysts weighed in on the sudden activity. 10x Research highlighted a long-standing trend of early holders offloading to ETF and corporate buyers. Hence, this event may reflect gradual profit-taking rather than panic selling. Yet, no evidence of actual selling has surfaced so far.
PlanB, a notable early adopter, shared a related move in February. He converted his Bitcoin holdings to spot ETFs for ease and safety. He admitted it offered peace of mind over managing private keys. This points to a broader trend where OG holders seek security through regulated investment vehicles.
Industry Reacts with Humor and Concern
The crypto world reacted with mixed emotions. Former Binance CEO CZ joked about joining crypto too late. His comment followed the whale’s transfer of BTC bought at $0.10.
However, if Grogan’s fears come true, this could be the largest financial heist in history. As investigations continue, the community remains on edge. The mystery behind the massive transfer may reshape Bitcoin security conversations in the days ahead.
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