Massive Bitcoin Moves Spark Fears of Historic Hack, Analyst Warns
A wave of Bitcoin transfers involving coins untouched for over a decade has triggered speculation of a potential security breach—possibly the largest crypto theft ever—according to Coinbase director Conor Grogan.
Roughly $8.6 billion worth of BTC was quietly moved from eight long-dormant addresses earlier today, prompting Grogan to raise concerns over the nature of the transactions. Unlike typical institutional movements or whale cash-outs, the pattern of transfers suggested a more manual, calculated approach—something Grogan found unusual.
Adding fuel to the theory, one of the connected wallets carried out a small transaction on the Bitcoin Cash (BCH) network just prior to the main Bitcoin transfers. Grogan speculated this may have been a stealth test to verify control over the private keys, taking advantage of BCH’s low visibility compared to BTC.
Though Grogan emphasized that the likelihood of a hack is small and acknowledged his theory is speculative, he noted that the circumstances don’t align with normal whale behavior or exchange activity. “It doesn’t look like a typical cash-out,” he said.
Arkham Intelligence confirmed that none of the Bitcoin has moved beyond the new addresses, and the source wallets had been dormant for 14 years—dating back to Bitcoin’s earliest era.
If foul play is confirmed, it could mark the largest crypto theft in history.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
