Bitcoin
$8 Million Bitcoin Silent Whale Wakes Up and Does This
Gamza Khanzadaev
Sleeping Bitcoin Whale Awakens, Moving $8 Million in BTC After a Decade of Inactivity
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A Bitcoin address containing 140 BTC, worth more than $8 million today, has resurfaced after a decade of inactivity, according to blockchain tracker Whale alert. The address, dubbed “1BLoHu,” first received 140 BTC in 2013, when it was worth around $107,000.
As mentioned, the 11-year-old transaction originated from another address, “1aWmn,” which also had a remaining balance of 180 BTC. While 140 BTC was transferred to “1BLoHu,” public records show that another 40 BTC was transferred to Okcoin.
Today’s most recent activity saw “1aWmn” transfer the 140 inactive BTC from “1BLoHu” to a new address, “bc1q66”. The identity of “bc1q66” and the intended use of the transferred funds remain unknown, fueling speculation within the community.
Source: Arkham Intelligence
This sudden movement of a significant amount of Bitcoin After such a long period of time, several theories have been generated. Some speculate that the original owner may be profiting from the substantial appreciation of his investment, worth $8 million to be exact.
BTC to USD by CoinMarketCap
Others theorize that it could be a wealth redistribution strategy or a security measure in response to advances in blockchain analysis techniques.
This is because the move from the legacy “1” address format to the more modern “bc1” format is seen as a move towards improved security and efficiency. The “bc1” format, also known as Bech32, offers benefits such as better error detection and a more user-friendly structure, which may be the reason for the change.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He also completed a master’s program in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.