A Bitcoin (BTC) whale wallet that had been inactive for over 14 years has suddenly come back to life, moving Bitcoin worth approximately $469.8 million. The wallet had remained dormant since January 15th, 2011, until this recent transaction, according to data from blockchain tracking platform Lookonchain.
During its hibernation, the price of Bitcoin skyrocketed from around $0.393 to $118,561, marking an incredible gain of over 30 million percent. The whale initially accumulated this significant amount of Bitcoin over a two-day period in January 2011.
Before making this massive transaction, the whale conducted a test transaction for $218. This sudden movement of funds has brought the wallet back into the spotlight, especially considering the potential dusting attacks that were conducted on the address during its dormancy. Dusting attacks involve sending tiny amounts of Bitcoin to an address in an attempt to identify the wallet owner.
This event follows closely on the heels of two addresses that made headlines for moving 80,000 BTC after being inactive since April 2011. There were speculations that these addresses could have been holding stolen Bitcoin from a past hack, according to Coinbase director Conor Grogan.
In other news, crypto analytics platform Santiment reported a minimal decrease in the number of Bitcoin whales holding over 1,000 BTC amidst a slight drop in the price of Bitcoin. This indicates that large holders are still actively participating in the market despite the recent price fluctuations.
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[Generated Image: Midjourney]