Something strange just happened in the Bitcoin world this week as nearly 80,000 Bitcoin, mined more than 14 years ago, suddenly moved across eight dormant wallets, making it the largest known transfer of so-called “Satoshi-era” BTC in history.
Now, experts are wondering: Was this a planned move, or could it be the biggest crypto hack ever?
Let’s break it down!
On July 4, 2025, blockchain watchers were shocked to see 80,000 BTC transferred from eight wallets that had been inactive since 2011.
Two of them, each containing 20,000 BTC, were originally funded when Bitcoin was worth just $0.78 per coin. Meanwhile, today, each wallet now holds over $1.1 billion worth of BTC.
Interestingly, the coins haven’t been moved since reaching these new wallets, and no individual or company has claimed ownership. However, the sudden movement has raised immediate questions.
The on-chain analysis firm Arkham said all eight wallets seem to belong to one single entity. The BTC was sent to fresh wallets using newer, cheaper address formats.
Most of the coins didn’t go to exchanges, they just moved to new addresses. And this has raised concerns.
Now, the big question has arisen: Was this transfer legitimate, or was it a hack?
That’s what Conor Grogan, head of product at Coinbase, is wondering. In an X post, Grogan floated the idea that this could be the largest crypto heist in history if those wallets were compromised.
He pointed to one suspicious clue: a small Bitcoin Cash (BCH) transaction made from one of the whale wallets about 14 hours before the main BTC transfer. According to Grogan, this may have been a way to secretly test whether the wallet’s private keys still worked.
While, Grogan made it clear that this is just speculation, not proof. But he added, “If this really was a hack,” Grogan said, “it could be the biggest theft in history.
The identity of the owner (or owners) of the eight wallets remains unknown, though on-chain analysis suggests they belong to a single entity, possibly an early miner. The reason for their 14-year dormancy is speculative; it could be due to a long-term “HODL” strategy, lost keys that were recently recovered, or the owner simply waiting for a perceived opportune moment to move their assets.
While the movement of these ancient coins from 2011 has naturally reignited speculation about a connection to Satoshi Nakamoto, there is no concrete evidence to support this theory. Similar rumors also surface about other early Bitcoin figures, but without verifiable proof, these remain speculative.
This transfer of nearly 80,000 BTC is the largest known movement of “Satoshi-era” Bitcoin in history. In comparison, “Satoshi-era” miners sold only about 150 BTC in 2025 and nearly 10,000 BTC in 2024, indicating a significant shift in the behavior of these long-dormant wallets. This recent move far surpasses previous single transfers from such old wallets.
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