Bitcoin Whale Alert: after more than 7 years of inactivity, a Bitcoin whale is suddenly moving millions of dollars in BTC. The powerful investor shifted around $9.6 million in BTC in 11 separate transactions, according to whale-tracking protocol Whale Alert, which could be related to the 2014 hack of now-defunct casino-based crypto exchange site Cryptsy.
“The massive amount of activated dormant Bitcoin… Are possibly linked to the Cryptsy hack/theft.”
After hacking the crypto exchange, which declared bankruptcy and collapsed in 2016, anonymous scammers stole $540 million in BTC. However, no confirmation of the whale-hack connection has been made as of yet.
According to Philip Swift, founder of on-chain analytics business LookIntoBitcoin, the number of idle BTC being activated now is comparable to the amount activated in 2018 and 2021, when BTC began off rallies that drove the top crypto asset by market value 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.”
According to Whale Alert data, the whale made a series of transactions totalling less than a million dollars at the same exact time to a number of different addresses. On March 29th, the powerful investor made eleven deals, each worth almost $900,000 at the time of writing. According to Whale Alert, the whale’s wallet held 1,000 BTC worth around $47 million prior to the transfers. At the time of writing, Bitcoin was trading at $46,382, a 12.5% rise from its seven-day low of $41,190.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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