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Bitcoin Whale breaks 8-year silence with $30 million worth of BTC transfer

After an eight-year dormant period, a Bitcoin (BTC) whale unexpectedly moved $30 million worth of BTC. On November 20, 2013, the exact address received 1,000 BTC, worth $567,600 at the time, Blockchair reported.

The bitcoin stayed in one wallet until it was moved as part of a much larger block that sent nearly 2,100 BTC to two other addresses. An address received 2,000 bitcoins, while the second collected over 99.99 bitcoins.

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Bitcoin movements in dormant wallets

1,000 BTC was worth $30,090,000. That’s more than 53 times its original price in 2013, when Bitcoin was just $567. The transaction cost only 0.0016 BTC in fees, which was around $47.15 at the time it was executed.

In the past eight years, the dormant whale wallet has received traces of bitcoin 23 times, and it appears those amounts were destined for dust attacks.

What are dust attacks? This includes hackers and scammers sending tiny amounts of bitcoin (or other cryptocurrencies) to violate wallet privacy.

BTC trades at $29,353 after recovering from $27,000 | Source: Tradingview.com BTC/USD price chart

Advanced blockchain tracker Whale Alert has been tracked the transaction and reported on Twitter as follows:

An inactive address of 1,000 #BTC ($30,395,186) just activated after 8.5 years (worth $468,643 in 2013)!

block chair too identified another wallet that has been dormant since 2012 and finally transferred 500 BTC on Thursday. The first deposit of one Bitcoin was made on April 5, 2012. On June 3 of the same year, another 499 BTC were added to the wallet. Bitcoin price was just $5.25 per coin back then.

However, during this time, the wallet received modest sums of BTC, which appear to be dust transactions used by scammers to conduct dusting attacks.

Comments and contribution by Satoshi Nakamoto

Bitcoin’s creator has been silent for years, but people still think they know who it is. As a result, transactions from long-dormant wallets usually draw media interest. Because they generate gossip speculating that the BTC may belong to the secret creator of Bitcoin, Satoshi Nakamoto.

Nakamoto launched the Genesis block on January 3, 2009. Since then, he has managed to mine nearly 1,000,000 BTC, according to blockchain analysts’ estimates.

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Satoshi confirmed his Look on the Internet in December 2010, when the bitcoin network client software version was 0.3.19, and now bitcoin’s execution is 22.0.

Bitcoin has shown highly volatile movements over the past few months; it was trading at $36,000 a week ago and dropped to $25,401 last Thursday.

Bitcoin is currently recovering from a market-wide slump. At the time of writing, it is up 13.5% from this year’s low and is trading at $29,353.

Featured image from Pixabay and the chart from Tradingview.com

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