An Unknown Bitcoin User Sends $1.17 Million to the Genesis Wallet
An unidentified bitcoin user recently sent 26.9 BTC, worth $1.17 million, to the Genesis wallet, the first wallet ever created on the Bitcoin network. However, it is unlikely that they will ever be able to retrieve these funds.
The Transaction Details
The transaction occurred on January 5 at 1:52 ET and was sent from a specific wallet to the Genesis wallet. The fee for this transaction was $100, which is significantly higher than average.
The Origin of the Funds
The wallet that sent the funds was originally funded through a complex transaction involving three wallets and twelve other wallets. Most of the funds came from a wallet associated with Binance on Arkham Intelligence, a blockchain analytics platform.
Conor Grogan, a director at Coinbase, expressed two possible explanations for this transaction: either Satoshi Nakamoto woke up and deposited 27 bitcoin into their wallet or someone simply burned a million dollars.
What is the Genesis Wallet?
The Genesis wallet is the very first wallet created on the Bitcoin network by Satoshi Nakamoto, the pseudonymous creator of Bitcoin. While Nakamoto may still have access to these wallets, it is highly unlikely that they will move or return the funds. This is because no funds associated with Nakamoto have been moved since their disappearance in December 2010.
Over time, more funds were added to the Genesis wallet, increasing its balance to 72 bitcoin by late 2023. With this recent transaction, the current balance stands at 99.67 bitcoin, equivalent to $4.3 million.
Hot Take: Satoshi Nakamoto’s Massive Bitcoin Holdings
Satoshi Nakamoto is believed to control a significant amount of bitcoin, estimated at 1.1 million BTC, worth $47 billion. However, it’s important to note that these holdings are only on paper, as they have not been moved or accessed since Nakamoto’s disappearance.
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