Silent $8 Million Bitcoin Whale Awakens and Does This


Dormant Bitcoin whale awakens, moving $8 million worth of BTC after decade of inactivity

Read U.TODAY on

Google News

A Bitcoin address holding 140 BTC, worth more than $8 million today, has reemerged 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 about $107,000.

As mentioned, the transaction 11 years ago originated from another address, “1aWmn,” which also had a remaining balance of 180 BTC. While 140 BTC were transferred to “1BLoHu”, public records show that another 40 BTC were transferred to Okcoin.

Today, the latest activity saw “1aWmn” transfer the dormant 140 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 has sparked various theories. Some speculate that the original owner may be cashing in on 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 shift from the legacy address format “1” to the more modern “bc1” format is seen as a move toward 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 could be reasons for the move.

About the author



Source link

Previous articleIt looks like Fallout 76 is finally getting one of its most requested features
Next articleAnalyst sets two Bitcoin scenarios to watch out for next week