Dormant Bitcoin Wallet  Moves 279 BTC after 10.5 years

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Key takeaways:

  • After resting for ten years, a cryptocurrency wallet recently transferred 279 bitcoins, totaling $7.8 million, to three new addresses.
  • Although the motive for the transfer is unknown, there is still conjecture that some seasoned cryptocurrency users are transferring old cash to new wallets.

One of the oldest Bitcoin whales still active has had a significant impact on the cryptocurrency market. According to statistics from Lookonchain, a mysterious entity that got over 6,000 BTC in 2013 transferred 2,071.5 BTC to a new address.

After nine years of inactivity, another long-dormant bitcoin whale moved 2,071.5 BTC worth $60.7 million yesterday. This most recent transfer occurs the day after that one.

Although there is no known explanation for the transfer, there is still conjecture that some long-time cryptocurrency users are transferring their old cash to new wallets in the midst of a huge and secretive wallet-draining operation that purportedly targets older wallets.

The whale with 1,128 Bitcoins reportedly revived and sent 279 Bitcoins worth $7.8 million to three new addresses. It mentions that the whale bought the aforementioned 1,128 BTC for $12 in October 2012 and $195 in May 2013, respectively.

The whale’s movement is uncertain for what purpose. It’s possible that after witnessing Bitcoin hit new highs this year, the whale made the decision to cash out some of their gains. Another possibility is that the whale intended to store its money in a more sophisticated address type. Alternatively, it’s possible that the whale was getting ready for a subsequent relocation.

During the wallet’s nine-year hibernation, trace amounts of Bitcoin, generally BTC worth pennies, were sent to the address, indicating the possibility of dusting assaults. Dusting assaults are typically carried out for a variety of motives, including academic study, spying, and criminal intent.

According to study by the Bank for International Settlements, it was shown that Bitcoin whales are the most successful cryptocurrency investors. It was stated in February that while individuals who hold onto an asset for years normally perform well, the ordinary investor who buys and sells in a short period of time usually loses money.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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