In a stunning turn of events, Coinbase official Conor Grogan raised alarm after a suspicious $8.6 billion movement of Bitcoins was observed. The movement appeared on eight wallets that had remained inactive for over fourteen years before reactivating on Thursday. Grogan, who is responsible for products at Coinbase, hinted at the event being evidence of one of history’s largest thefts by human beings.
Grogan also noted that these Bitcoins came from old wallets funded in 2011, adding another layer of mystery to the case. Those wallets moved enormous sums of about 10,000 Bitcoins per transfer and deposited the total amount to eight newly minted wallets within a very short time frame. The total amount involved in these transactions totals approximately $8.6 billion and has raised several eyebrows across the entire crypto cosmos.
Before beginning massive Bitcoin transactions, Grogan saw an odd Bitcoin Cash (BCH) action by one of the same wallet clusters. Someone initiated the lone action about 14 hours earlier, which made Grogan speculate whether it served as a test. Because trackers observe Bitcoin Cash transactions less closely, a hacker could have secretly used one to test private key access.
Bitcoin price stable despite massive movement
Grogan noted that only one BCH wallet showed any movement, while others remained untouched throughout the event. He questioned why someone with legitimate access would only test a single wallet instead of sweeping all associated funds. This selective activity leads him to believe something is suspicious, though he openly admits that it could also be innocent behavior by the rightful owner.
Adding to the intrigue, blockchain intelligence firm Arkham confirmed that no one has touched the funds since moving them into new wallets. Arkham also verified the origin of the Bitcoins as deposits from April and May 2011, reinforcing the long dormancy of the source wallets. They believe one individual or group executed the coordinated movement of the entire $8.6 billion.
Despite widespread speculation, Bitcoin’s market capitalization registered minimal change, decreasing by just 1.02% and was $108,150 by publication time. Although we have not yet recorded any formal breach, the cryptocurrency world watches with bated breath as this unusual event unfolds.
