The cryptocurrency data firm Chainalysis is trying to determine where the funds from a long dormant Bitcoin (BTC) wallet are heading.
A sudden transfer of 50 BTC, which was mined a month after Bitcoin launched back in 2009, took the cryptoverse by storm on Wednesday as traders wondered if Bitcoin’s creator, known as Satoshi Nakamoto, was behind the curtain.
According to Chainalysis, some of the funds appear to have made their way to a cryptocurrency mixer.
Mixers are designed to combine cryptocurrency from various locations in an effort to obscure trails and make it more difficult to trace the origin of the funds. Via Cointelegraph,
“We are still looking into it but it appears that 40 BTC went to a legacy address and remains unspent and 10 BTC appears to have gone into a mixer…
It does look like some of the money ended up at Coinbase.”
The conclusion lines up with early analysis from the blockchain analytics firm Glassnode, which found small amounts of the BTC made their way to Coinbase and CoinPayments.
According to our information minor amounts of this #Bitcoin transaction have moved into to @coinbase (0.004 BTC) and @CoinPaymentsNET (0.003 BTC).https://t.co/bJQoZbdSJ9
— glassnode (@glassnode) May 20, 2020
Meanwhile, Bitcoin core developer Jimmy Song says it’s unlikely the funds are owned by Bitcoin’s legendary creator.
He says blockchain data connected to the Bitcoin in question shows the coins are not connected to blocks that are believed to have been mined by Nakamoto.