In a move that has captured the attention of the cryptocurrency world, a Bitcoin wallet that has been dormant for 11.7 years has suddenly sprung back to life.
Crypto data tracker Whale Alert reports that "a dormant address containing 500 BTC worth $34,726,301 has just been activated after 11.7 years."
While the crypto community was still taken aback given the sudden activation of the Bitcoin wallet, on-chain analytics firm Lookonchain highlighted the whale's next move, which turned out to be unexpected.
According to Lookonchain, the activated wallet containing 500 BTC transferred its entire balance to multiple new wallets. The wallet had received the said 500 BTC at a total sum of $3,786 at the time on July 14, 2012, when the price of BTC was only $7.57.
Bitcoin currently trades at $70,130, up 0.63% in the last 24 hours, per CoinMarketCap data.
This event has sparked a flurry of speculation and intrigue within the crypto community, given that the wallet dates back to the early years of Bitcoin.
The transfer of 500 BTC from this ancient wallet is notable for its size and the length of time the coins remained untouched. The sudden movement of funds raises questions about the owner's identity and why they chose to act now.
At current prices, the BTC stash is now worth a fortune, over $34.7 million, about a 916,434% increase from the initial worth of $3,786, justifying the holders' staying power if this were the case.
The distribution of funds to multiple new wallets could suggest a strategic decision to diversify holdings or prepare for future transactions. As the transferred Bitcoins make their way to new wallets, the crypto community continues to watch closely for any further developments.