A Decade-Old Bitcoin Wallet Sends $30 Million to Another Address
A Bitcoin wallet that had been inactive for over a decade recently transferred more than $30 million worth of BTC to another address. The whale received the stash in April 2012 when the value of Bitcoin was less than $5. The transfer was made to a wallet with the abbreviation “bc1qt180” on July 22. Here are the key points:
– The dormant BTC whale transferred 1,037.42 BTC ($37.8 million) to a new address.
– The whale received 1,037.42 BTC on April 11, 2012, when the price was $4.92.
– The current value of the transferred BTC is 606,000% higher due to Bitcoin’s price increase over the years.
– Speculations around the whale’s actions include lost access to private keys or temporary hacking.
– Another dormant whale woke up in April this year and transferred 2,071.5 BTC, worth over $60 million at the time.
It remains a mystery why these dormant whales are suddenly transferring their BTC holdings. Some believe it could be due to lost access to their wallets, while others think they missed their chances to reactivate their holdings earlier. These incidents highlight the potential risks and challenges faced by long-term holders of cryptocurrencies.
Hot Take
The recent activity of dormant Bitcoin whales transferring their holdings after years of inactivity raises questions about the security and accessibility of cryptocurrency investments. It serves as a reminder for crypto holders to maintain proper security measures and stay updated on the value of their assets. Additionally, it highlights the potential volatility and profitability of long-term Bitcoin investments.
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