A bitcoin wallet that has been inactive since the days of Satoshi Nakamoto was suddenly activated after almost 11 years.
The wallet, which contains 500 BTC, dates back to roughly when Nakamoto, the pseudonymous creator of bitcoin, was last active on the internet.
Since its last use in 2010, the cache’s value has increased sharply from $ 8,400 to over $ 23.67 million, thanks to the surge in the price of bitcoin.
Whale Alert crypto-tracking service reported the transaction on December 29. Online records show that a transfer of 165.33 BTC, or $ 7.78 million, was made from the wallet to an unknown address on Wednesday.
While this portfolio stock might be considered light in whale-watching terms, similar deals have raised fears of falling prices in the past.
Dormant wallets containing huge amounts of bitcoin have sporadically woken up in recent years, suggesting that Nakamoto could cash in.
Cryptocurrency enthusiasts are particularly interested in coins mined before the enigmatic founder of bitcoin disappeared from the radar on December 12, 2010. Coins are now referred to as the Bitcoins of the Satoshi era.
Interest stems from a belief, and perhaps an expectation, that the wallets created during this period belong to Satoshi Nakamoto, or close associates.
Bitcoin Founder Holds Over One Million BTC
Estimates suggest that Nakamoto owns a total of 1,125,150 BTC, with an unspent value of around $ 53.44 billion at existing exchange rates.
According to data from BitInfoCharts, hundreds of Bitcoin wallet addresses have been inactive over the past decade.
The most valuable dormant wallet contains around 80,000 BTC, worth more than $ 3.7 billion at current market prices, he says.
In total, around $ 9.8 billion worth of bitcoin is stuck in the top five wallets that have not been opened for around 10 years.
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