Bitcoin is the most popular among digital currencies and has seen a huge rise in recent years. However, there are some risks with this rise. In particular, the so-called “cold storage” wallets used for long-term storage can cause great losses when forgotten.
A Bitcoin wallet created in 2011 was also long forgotten. However, recently this wallet has started to be used to move around $10 million worth of Bitcoins in it.
💤 💤 💤 A dormant address containing 1,000 #BTC (27,456,958 USD) has just been activated after 12.0 years!https://t.co/lHrgCNWpbY
— Whale Alert (@whale_alert) April 24, 2023
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This caused a great stir in the Bitcoin community and people expressed their curiosity about the owner of this wallet. Some have put forward various theories to find out who owns the wallet.
The development was first reported by whale watching service Whale Alert. According to the data, a wallet that was last active on May 9, 2011 suddenly sent 400 BTC worth about $10.9 million to another address.
According to Bitinfocharts, 400 BTC was sent to a newly created address and then sent to another address. Whale initially purchased 0.2 BTC for $1 on May 7, 2011. Two days later, he bought 100 BTC for $481 and then another 900 BTC for $4,811. At the height of the bull market in 2021, the whale’s investment had increased by a total of 1,303,522 over the decade.
The wallet in the news is one of the few wallets that has come to life in recent weeks after more than a decade of inactivity. I mean, we’ve been seeing things like this a lot lately.
Days ago, blockchain tracking service Lookonchian detected the movement of a whale that has been dormant since 2013. A similar transaction was seen last month.
These transactions are often associated with Bitcoin creator Satoshi Nakamoto. The last online activity of the Bitcoin creator named Tak was on the Bitcoin Talk online forum in December 2010. Satoshi is thought to have hundreds of thousands of Bitcoins.
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