A long-dormant Bitcoin (BTC) whale is suddenly moving millions of dollars worth of BTC after over seven years of inactivity.
In eleven separate transactions, the deep-pocketed trader moved about $9.6 million in BTC in what whale-tracking protocol Whale Alert says could be related to the 2014 hack of now-defunct casino-based crypto exchange platform Cryptsy.
“The massive amount of activated dormant Bitcoin… Are possibly linked to the Cryptsy hack/theft.”
Anonymous scammers got away with what is now worth $540 million worth of BTC after hacking the crypto exchange, which declared bankruptcy and closed in 2016. However, no confirmation of the link between the whale and the hack has been issued as of yet.
Founder of on-chain analytics firm LookIntoBitcoin Philip Swift says that the number of idle BTC being awakened now is similar to the amount activated in 2018 and 2021 when BTC kicked off rallies that sent the leading crypto asset by market cap to new record highs at the time.
“There was significant movement on-chain yesterday, with 10,000 BTC that has not moved for the past 7-10 years finally moving.
Red boxes show when similar-sized dormant amounts moved previously… Typically at major highs.”
The whale made a series of transactions under a million dollars each at the same exact time to a number of different addresses, according to Whale Alert data.
The deep-pocketed investor made eleven transactions on March 29th, each moving about 19 BTC, worth about $900,000 as of writing. Before the transfers, the whale’s wallet held 1,000 BTC worth about $47 million, according to Whale Alert.
Bitcoin is exchanging hands at $46,382 at time of writing, a 12.5% increase from its seven-day low of $41,190.
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Featured Image: Shutterstock/gonin/Nikelser Kate
