An unusual movement of long-dormant Bitcoin worth nearly $8 billion has sparked alarm across the crypto world. A Coinbase director, Conor Grogan, raised concerns over a possible hack after noticing a test transaction on the Bitcoin Cash network.
He traced the test to one of the whale clusters connected to the moved Bitcoin. Grogan pointed out that Bitcoin Cash, or BCH, is less monitored by on-chain watchers. He suggested that someone may have used it to quietly test access to the wallet keys. He highlighted a single $2 million BCH transaction as the suspicious trigger.
Coinbase tracks unexplained BCH transfer
The other BCH wallets stayed untouched, which added more mystery to the event. He found no link to exchange wallets. That detail strengthened his belief that the movement might not involve a typical transfer between known entities. Instead, he leaned toward the possibility of unauthorized access.
The slow pace of the transactions didn’t follow the pattern of quick fund sweeps common in hacks, but Grogan noted that someone still moved the coins manually. Many users on X agreed with his suspicion. Some called the BCH transfer a classic test behavior. Others had different views.
One user floated the idea that someone may have cracked an old wallet.dat file, which stores private keys. But Grogan questioned why that person only moved a fraction of the BCH and left the rest. He emphasized the timing of the activity.
Mysterious Bitcoin shift sparks debate
The BCH moved about an hour before the massive BTC shift. That time gap, according to him, didn’t match the behavior of a confident owner reclaiming funds. He hinted that something felt off about the whole sequence. Other voices in the crypto space added more theories.
One person said the slow nature of the transactions weakens the hack idea. If hackers were involved, they likely would have acted faster. Another suggested a more extreme theory. They speculated that someone may have used a quantum computer to break an old encryption key.
Though no proof confirms a hack, the debate has intensified. The massive sum and unusual behavior keep drawing attention. Whether a hacker breached a forgotten wallet or a long-lost key finally got cracked, the crypto world is now watching closely. Many wait for more evidence. Until then, the mystery remains.
