Dormant Satoshi-Era Bitcoin Wallet Activates After 10 Years, Transfers $43.9M Worth of BTC
Summary:
A decade-long dormant Bitcoin address from the Satoshi era reactivated, transferring 687 BTC (worth $43.9 million) across two separate wallets. Such transactions from ancient wallets often intrigue the crypto community. Over the past years, many Satoshi-era wallets have resurfaced, transferring their holdings to new addresses or crypto exchanges, possibly to reap profits. Notably, over 1.75 million Bitcoin wallets have been inactive for over a decade, holding around 1,798,681 Bitcoins, currently worth about $121 billion.
After a decade of inactivity, a Bitcoin (BTC) address hailing from the Satoshi era has sprung back to life. On May 6th, the wallet, holding 687 BTC (equivalent to $43.9 million), redistributed its assets among two distinct wallets. Initially, 625.43 BTC were moved to an address beginning with bc1qky, while the remainder, 61.9 BTC, was directed to bc1qdc. The transfer of credits from such ancient wallets, especially those originating during the Satoshi era, invariably piques the interest of the digital currency community.
The phrase "Satoshi era" refers to Bitcoin's incipient period, when its pseudonymous creator, Satoshi Nakamoto, was still actively participating in online discussions. Some wallets from this era are frequently presumed to be directly connected to Satoshi himself. One particular wallet, after a 14-year slumber, was activated last year in August and shifted 1005 BTC, which were mined in 2010. The wallet's activity stirred extensive speculation on social media suggesting it was Satoshi's, though specialists have posited that the wallet is more likely tied to early Bitcoin miners or investors seeking profit.
Per a Fortune analysis, over 1.75 million Bitcoin wallets have been idle for the past ten years or more. Many of these wallets are believed to encapsulate substantial BTC holdings, acquired when Bitcoin's value was in the double digits, and now worth millions. Indeed, an approximate 1,798,681 Bitcoins, equivalent to roughly $121 billion of today's dollar, lay dormant within these wallets according to Chainalysis.
Notably, in the past few years, several Satoshi-era wallets have been awakened only to transfer their Bitcoin holdings to fresh addresses. Notably, some have even moved their BTC deposits to cryptocurrency exchanges, suggesting a desire to cash in on their immense profits after nearly a decade.
Further details from Chainalysis indicate that in July 2023, a Bitcoin wallet inactive for 11 years moved $30 million worth of the cryptocurrency. Later that November, three other wallets from the Satoshi era shifted a staggering $230 million in Bitcoin following a six-year period of hibernation, with analysts suggesting a possible link between these three wallets to a single individual or entity. These wallets made their preceding transaction on November 5, 2017.
Published At
5/6/2024 11:35:59 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.