1 year ago
A Bitcoin whale has moved 3,500 BTC to caller wallets for the archetypal clip since 2011, changing the code format from P2PKH to P2SH.
Amid the ongoing marketplace turbulence for Bitcoin (BTC) and different cryptocurrencies, immoderate large investors are waking up to determination their BTC holdings that were untouched for astir a decade.
According to on-chain data, 7 dormant Bitcoin wallets awakened connected Nov. 11 to determination a full of 3,500 BTC ($60,6 million) to caller addresses. A transaction interest for 1 of these 500 BTC transactions ($8.7 million) amounted to conscionable 0.00011383 BTC, oregon $2.
Blockchain researcher and developer Kirill Kretov flagged the transactions successful a LinkedIn post, noting that the caller addresses were “not consolidated” yet.
Each of the mentioned 7 addresses was holding 500 BTC for astir 11 years, with each 7 receiving the stash connected July 10, 2011. All of the wallets received the magnitude astatine the nonstop aforesaid time, 12:22 p.m. UTC, and for each of them, it was the precise archetypal transaction.
Kretov pointed retired that the caller wallets person changed the code format from pay-to-public-key-hash (P2PKH) to pay-to-script-hash (P2SH). P2PKH is the astir communal publication benignant for Bitcoin transactions, wherever transactions are resolved by sending the nationalist cardinal and a integer signature created by the corresponding backstage key.
Unlike P2PKH, the P2SH format allows transactions to beryllium sent to a publication hash alternatively of a nationalist cardinal hash, requiring recipients to supply a publication hash and further data. According to online sources, the recipient mightiness need the signatures of respective radical to walk Bitcoin connected P2SH format addresses, oregon a password mightiness beryllium required.
Related: How to transportation $1 cardinal for fundamentally free: Bitcoin whale watching
The awakening of dormant BTC addresses isn’t thing caller to the Bitcoin community. In mid-October, a Bitcoin whale moved arsenic overmuch arsenic 32,000 BTC for the archetypal clip since 2018.
Previously, different large BTC capitalist moved retired arsenic overmuch arsenic 48,000 Bitcoin from Coinbase Pro, CryptoQuant CEO Ki Young Ju reported. A ample information of the moved Bitcoin was reportedly dormant since 2011. Last year, Cointelegraph reported connected a dormant Bitcoin wallet that moved 321 BTC for the archetypal clip since 2013.
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