Coinbase’s Conor Grogan Flags $8.6B ‘Sleeping’ Bitcoin Wake-Up as Potential Historic Hack

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• Coinbase’s Conor Grogan flagged that US$8.6B in BTC moved final week from eight dormant wallets might imply an enormous hack of 14-year-old keys.
• A small Bitcoin Cash transaction earlier than the BTC transfer hints the hacker or proprietor could have examined keys quietly, however different linked BCH wallets stayed untouched.
• Arkham says all BTC got here from one supply, now break up throughout new wallets, leaving it unclear if this was a deliberate shuffle or the largest crypto theft ever.

Conor Grogan, Coinbase’s head of product, thinks there’s an actual probability final week’s sudden US$8.6B (AU$13.1B) Bitcoin transfer could possibly be a large hack. Eight outdated wallets, untouched since 2011, despatched out all their cash on Thursday, and nobody is aware of why.

Grogan noticed a wierd clue: one of many wallet homeowners despatched a small Bitcoin Cash transaction simply earlier than the massive Bitcoin switch. He says that may have been a quiet take a look at to test if the outdated private key nonetheless labored. But what doesn’t add up is that different BCH wallets tied to the identical stash stayed frozen.

Related: Bitcoin ETF Blitz: BlackRock’s IBIT Tops S&P 500 Giant in Fee Take

Source: Conor Grogan/X.

There is a chance that the proprietor was testing the private key in a means that wouldn’t get seen, as BCH isn’t monitored closely by whale watching providers. What makes me say that is the opposite BCH wallets haven’t been touched in any respect; why wouldn’t additionally they sweep these?

Conor Grogan, Coinbase’s head of product

Blockchain agency Arkham confirmed the cash all got here from the identical supply, sat untouched for over 14 years, and had been moved into eight new wallets the place they continue to be. It’s nonetheless unclear if the proprietor is simply reorganising or if somebody obtained in and drained the stash.

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