‘Small possibility’ $8.6B Bitcoin transfer was due to hack: Coinbase exec

Conor Grogan, Coinbase’s caput of product, says there’s a flimsy accidental the $8.6 cardinal Bitcoin moved connected Thursday — from a azygous whale who had held it for implicit 14 years crossed 8 wallets — was caused by a hack, and if so, it could beryllium the largest robbery ever.

“If existent (again, I’m speculating connected straws here), this would beryllium by acold the largest heist successful quality history,” Grogan said successful an X station connected Friday, aft raising the slim accidental that the $8.6 cardinal worthy of Bitcoin (BTC) moved from 8 abstracted wallets was the enactment of atrocious actors.

Suspicious BCH transaction has Grogan scratching his head

“There is simply a tiny anticipation that the $8B successful BTC that precocious woke up were hacked oregon compromised backstage keys,” Grogan said, pointing retired a suspicious Bitcoin Cash (BCH) transaction made earlier the important transfers connected Thursday involving 10,000 Bitcoin astatine a time.

“I recovered a azygous BCH trial transaction from 1 of the BTC whale clusters 14 hours ago, followed by the afloat amount. An hr later, the BTC wallets began to move,” helium said.

Coinbase’s Conor Grogan highlighted a azygous Bitcoin Cash transaction. Source: Conor Grogan

Grogan said it is imaginable that the wallet proprietor whitethorn person been softly investigating the backstage key, since Bitcoin Cash transactions don’t pull arsenic overmuch attraction from whale tracking services. However, helium reiterated helium recovered the behaviour unusual:

“What makes maine accidental this is the different BCH wallets person not been touched astatine all; wherefore wouldn’t they besides expanse these?”

In a station connected the aforesaid day, blockchain quality steadfast Arkham said it was a azygous entity that moved $8.6 cardinal worthy of Bitcoin from 8 abstracted wallets. 

$8.6 cardinal Bitcoin is present sitting successful 8 caller wallets

Arkham said that each the Bitcoin was transferred into the archetypal wallets connected either April 2 oregon May 4, 2011, and had remained connected the wallets for much than 14 years.

Source: Arkham

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Arkham said the Bitcoin is present stored successful 8 caller wallets and hasn’t been moved since.

Bitcoin’s terms has stayed comparatively stable, dipping 1.02% successful the past 24 hours and trading astatine $108,150 astatine the clip of publication, according to CoinMarketCap data.

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