11,325 BTC Worth $537 Million From Dormant Bitcoin Addresses Moved after 7.7 Years; Linked to Cryptsy Theft

Whale Alert, the tracker of large transactions of cryptocurrencies, has reported recently reported the movement of Bitcoin stashes from unknown addresses, which have been dormant for relatively 8 years.

It took the owners of the unknown Bitcoin wallets created in 2014 11 transactions to move a total of 11,325 BTC worth $537 million at current prices.

Read Also: A Dormant Bitcoin Address Containing 489 BTC worth $50 in 2010 Just Moved After 11.4 Years

11,325 Bitcoins Move from Dormant 2014 Addresses May Be Linked to Cryptsy Theft

According to the on-chain analytics platform, the whopping amount of BTC on the move is possibly from the Cryptsy theft of 2014.

The now-defunct crypto exchange led by Paul Vernon lost millions of dollars worth of crypto assets around that time.

Recently, the United States Department of Justice (DOJ) announced it had indicted Vernon for allegedly robbing his crypto exchange users of over $1 million worth of digital assets.

Read Also: Largest Independent Bitcoin Whale Holding $5.1B Has Started Accumulating BTC in Millions of Dollars

According to the DOJ, Vernon stole from accounts between May 2013 and May 2015 and went ahead to deposit the stolen funds into his personal bank account.

The funds that moved on 29th March 2022 were from Bitcoin wallets that were created on 29th July 2014. All 11,325 BTC were processed at block height 729,587. The movement was tracked and reported by Btcparser.com and Whale Alert.

Whale Alert tweeted, “The massive amount of activated dormant BTC in the previous posts are possibly linked to the Cryptsy hack/theft.”

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