04.07.2025 20:39
A significant movement of Bitcoin, involving billions of dollars worth of cryptocurrency untouched for over a decade, has ignited concerns about a potential, historically large-scale crypto hack. Coinbase director, Conor Grogan, voiced these concerns after observing approximately $8.6 billion in Bitcoin transferred from eight long-dormant addresses.
Unlike the typical patterns seen in institutional transfers or large-scale cryptocurrency sell-offs, these transactions displayed a methodical, manual approach, raising Grogan's suspicions. This unusual activity was further amplified by a minor transaction on the Bitcoin Cash (BCH) network from one of the associated wallets, preceding the major Bitcoin transfers. Grogan theorized this smaller transaction might have served as a test, verifying control over the private keys while leveraging BCH's comparatively lower transaction visibility.
While acknowledging the speculative nature of his assessment and stressing the relatively low probability of a hack, Grogan highlighted the inconsistencies between this event and typical whale activity or exchange operations. He succinctly stated, "It doesn't look like a typical cash-out." Arkham Intelligence corroborated the inactivity of the source wallets for fourteen years, stretching back to Bitcoin's early days, and confirmed that the transferred Bitcoin remains within the new addresses. Verification of malicious intent would establish this as the largest cryptocurrency theft in history.
Alexander Zdravkov, a reporter at Coindoo with over three years of experience in the cryptocurrency market, authored the report. Zdravkov, a fluent German speaker, is known for his insightful analysis of emerging trends within the digital currency landscape, bringing a keen eye and deep understanding to his reporting. His expertise and passion make him a valuable asset to the team. Information on this event originated from internet sources.