Satoshi Era-Whale's $8B Bitcoin Move Could Be Linked to Wallet Security Upgrade: Arkham

A wallet information upgrade could beryllium the crushed wherefore a agelong dormant Satoshi-era wallet moved implicit $8 cardinal worthy of bitcoin (BTC) past week, according to on-chain analytics steadfast Arkham.

On-chain information shows 8 wallets, each holding 10,000 BTC since 2011, moved their funds to modern bc1q-style addresses, a much unafraid and businesslike format than the older bequest 1--prefix addresses.

The caller addresses are autochthonal SegWit formats that connection little fees, improved transaction efficiency, and stronger extortion against definite types of exploits.

Arkham, which flagged the transfers, said there’s nary grounds the whale is selling immoderate of the bitcoin. The funds stay untouched successful the caller wallets, suggesting that the determination was proactive and apt portion of a broader operational information measurement alternatively than a effect to marketplace activity.

Meanwhile, Ledger CTO Charles Guillemet flagged connected X that definite OP_Return messages sent to those wallets displayed ineligible notices intended for the owners of those wallets.

Days earlier the transfers, the aged wallets received OP_RETURN messages claiming ineligible possession of the coins unless the proprietor responded by a acceptable deadline.

While immoderate feared a hack, Guillemet noted the sender ne'er proved backstage cardinal entree and targeted galore dormant wallets, not conscionable these eight. The timing suggests the archetypal proprietor was perchance spooked by the messages and whitethorn person acted preemptively to reassert control.

“In the past, backstage keys person been compromised owed to mediocre cryptographic practices, specified arsenic predictable nonce usage oregon low-quality random fig generators, but that doesn't look to use here,” Guillemet said successful an X post.

“Pure coincidence: the timing whitethorn beryllium random. The existent proprietor of the 80,000 BTC saw the OP_RETURN messages and moved the funds arsenic a precaution,” helium added alongside different observations.

OP_RETURN is simply a Bitcoin relation that lets users connect abbreviated messages oregon information to a transaction, without affecting the transportation of existent coins.

Read more: $8B BTC Movements May Have Been Preceded by Covert Bitcoin Cash Test