Something strange just happened in the Bitcoin world this week as nearly 80,000 Bitcoin, mined more than 14 years ago, suddenly moved across eight dormant wallets, making it the largest known transfer of so-called “Satoshi-era” BTC in history.
Now, experts are wondering: Was this a planned move, or could it be the biggest crypto hack ever?
Let’s break it down!
Old Satoshi-Era Coins Come Alive
On July 4, 2025, blockchain watchers were shocked to see 80,000 BTC transferred from eight wallets that had been inactive since 2011.
Two of them, each containing 20,000 BTC, were originally funded when Bitcoin was worth just $0.78 per coin. Meanwhile, today, each wallet now holds over $1.1 billion worth of BTC.
Interestingly, the coins haven’t been moved since reaching these new wallets, and no individual or company has claimed ownership. However, the sudden movement has raised immediate questions.
Who’s Behind the Transfer?
The on-chain analysis firm Arkham said all eight wallets seem to belong to one single entity. The BTC was sent to fresh wallets using newer, cheaper address formats.
Most of the coins didn’t go to exchanges, they just moved to new addresses. And this has raised concerns.
Now, the big question has arisen: Was this transfer legitimate, or was it a hack?
Coinbase Head Hints at Possible Hack
That’s what Conor Grogan, head of product at Coinbase, is wondering. In an X post, Grogan floated the idea that this could be the largest crypto heist in history if those wallets were compromised.
He pointed to one suspicious clue: a small Bitcoin Cash (BCH) transaction made from one of the whale wallets about 14 hours before the main BTC transfer. According to Grogan, this may have been a way to secretly test whether the wallet’s private keys still worked.
While, Grogan made it clear that this is just speculation, not proof. But he added, “If this really was a hack,” Grogan said, “it could be the biggest theft in
