Satoshi-era Bitcoin address moves more than $9.6M worth of BTC from the wallet.
This kind of windfall is rarely seen for coins that have been dormant for a long time.
A Satoshi-era Bitcoin address is back in the headlines after it recorded a transaction. The move sent more than $9.6 million worth of BTC from the wallet which was first created 11 years ago.
Since October 1, 2012, address 1MMXRA has held a substantial amount of 412.12 BTC, or Bitcoin, which was accumulated through four separate transactions. At the time, the total value of these coins was worth a meager $8. An incredibly small sum in comparison to its worth today. The wallet remained untouched and inactive until February 8th. With the value of Bitcoin skyrocketing to $23,000 per coin. However, a sliver of coins were withdrawn from the wallet.
According to today’s prices, the moved coins represent an astronomical $9.6 million in value–a staggering 120,000,000% profit. This kind of windfall is rarely seen for coins that have been dormant for such a long time; on-chain analytics provider Glassnode notes that after a 155-day holding period, dormant coins become “increasingly unlikely to be spent” and are thus considered a less liquid portion of the supply. This makes the recent movement of these old coins all the more remarkable. Aa=nd highlights the potential profitability of cryptocurrency trading.
The enigmatic Satoshi Nakamoto, the mysterious creator of Bitcoin, has been a source of speculation for many years now. While there have been numerous claims and theories as to the identity of this individual, the truth remains shrouded in mystery.
Bitcoin Developer LukeDashJr’s Opinion
According to Bitcoin developer @LukeDashJr, nobody can say for certain whether Satoshi has ever interacted with the coins associated with their name, or if they are still active today. However, based on Luke’s expert opinion and observations, he suggests that it is highly likely that the creator is already deceased. Due to the fact that there have been no obvious movements associated with their account.
“If he isn’t dead, why would he allow frauds to masquerade as him unchallenged (it would be trivial for him to prove them liars with a PGP or Bitcoin signature)?” he said to one crypto site via Twitter. “Would he really hoard his stash while development lacks funding?”