In a shocking turn of events, 80,000 Bitcoin (BTC), worth over $8.6 billion, have been transferred into new wallets, sparking a flurry of speculation across the crypto market. Conor Grogan, Head of Product at Coinbase, has suggested that this series of recent whale transactions could be the largest crypto heist in history.
🚨 Did the Biggest Bitcoin Theft Just Happen in Silence? 🤫
On July 4, analytics firm Arkham Intelligence reported that a single entity had transferred 80,000 BTC in equal portions into eight new wallets. On-chain data reveals that these Bitcoin holdings had been dormant in their previous wallets since April 2 and May 4, 2011.
As with other major whale transactions, the recent activation of these long-held BTC has caught the attention of market traders and investors, especially given the current struggles of BTC prices. However, the fact that these transfers did not involve exchange-affiliated wallets has helped alleviate concerns of an imminent market sell-off.
Conor Grogan has warned that these sudden Bitcoin transfers might be the largest crypto heist ever. In explaining this theory, the Coinbase executive points to a small Bitcoin Cash (BCH) transaction from one of the corresponding wallet clusters approximately 14 hours prior to the massive Bitcoin movements. The transaction, a test-like output of 10,000 BCH valued at roughly $4.9 million, was traced on the Bitcoin Cash blockchain. Grogan suggests that the fact that other BCH wallets remained dormant indicates that this particular BCH transfer might have been hackers testing the private key, as BCH transactions are now usually tracked by whale monitoring services.
Another concern highlighted by the Coinbase executive is that the transfers were not automated or exchange-related but rather appeared to be manual transactions, thereby increasing suspicions of compromised private keys. Nevertheless, Grogan maintains that this theory represents “extreme speculation,” suggesting the transactions may have indeed been initiated by the wallet’s rightful owner.
Several crypto analysts and enthusiasts have pushed back against Grogan’s narrative, describing the recent 8,000 BTC transfer as a “handshake transaction” rather than a hack. In particular, an analyst with the username binji pointed out that the slow and deliberate pace of the transactions seemed inconsistent with the behavior typically observed in hacks, especially if they were executed by a single entity.
📈 Bitcoin Price Overview
At the time of writing, Bitcoin is trading at $108,150 following a 1.06% decline in the past day. However, the leading cryptocurrency maintains a positive performance on larger time frames, with gains of 0.98% and 2.78% on the weekly and monthly chart, respectively.
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2025-07-06 01:58