Coinbase Executive Responds to Rumors Surrounding Dormant Bitcoin Wallet Transfers
A recent Bitcoin transaction involving several dormant wallets from the early days of cryptocurrency has captured the attention of the crypto community. Eight wallets, inactive since 2011, moved a combined 10,000 BTC to new SegWit addresses, raising questions about their ownership and origin.
Amidst speculation, a social media user on X alleged that one of these wallets had appeared in a 2013 forum post, claiming a transaction of 1.5 BTC occurred using the same address. Responding swiftly, Coinbase director Conor Grogan dismissed the claim, labeling it fabricated. Grogan provided blockchain data screenshots confirming no such transaction ever took place.
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On Friday, a total of 80,000 BTC, valued at approximately $8.6 billion, was transferred from eight separate addresses dating back to the “Satoshi era,” a period between Bitcoin’s inception in 2009 and 2011. These wallets represent some of the earliest mined Bitcoin.
Coinbase app open on a smartphone next to Bitcoin and Ethereum coins.
Blockchain analytics firm Arkham suggested the transfers might be for address upgrades rather than asset liquidation. They noted that the transactions involved moving funds from older addresses to modern SegWit-compatible formats. Arkham emphasized that there’s no evidence indicating these Bitcoin holdings are being sold.
