Dormant Bitcoin Wallet Moved BTC worth $1.4 Million after 14 Years. Here’s the Destination

Bank of Korea Rejects Bitcoin as a Reserve Asset

It is no longer news that Bitcoin (BTC), the flagship crypto asset, has been pumping, resulting in a widespread rally within the crypto market.

For context, Bitcoin is trading at approximately $69,100, according to data on CoinCodex, a leading crypto price analysis platform. In addition, the number one cryptocurrency recently attained a new all-time high (ATH) when it hit $73,628 on March 14, 2024.

What makes the positive trend more notable is that the remarkable market performance has already begun even before the highly anticipated Bitcoin halving event. The event is 34 days from now, according to the CoinMarketCap countdown.

Amid the notable rally, something unusual was spotted recently. A Bitcoin wallet that has not been accessed over the last 14 years suddenly resurrected.

What Transpired?

According to Whale Alert, the tracker of large transactions of cryptocurrencies, the Bitcoin wallet initiated a transfer of 20.99 BTC to Coinbase, the US-based crypto exchange. Currently, the wallet is left with a balance of about 29 Bitcoins. The nature of the transaction shows that the holder intends to sell.

On-chain data revealed that the anonymous wallet obtained 50 BTC as block rewards in April 2010 and has held on to it ever since until recently.

Incredible Profits With Zero Investment Capital

April 2010 is about 14 years ago. Holding any number of BTC for such a long period is profitable. Considering that the tokens came in as rewards made the gains even more sumptuous, as the lucky owner of the wallet did not have to spend a dime to accumulate the coins.

Based on current price standings, 50 BTC is around $3.445 million. On the other hand, the transferred 20.99 BTC is valued at about $1,446,900, while the balance will be about $1,998,100 at the time of press.

Crypto Community Reacts

Some crypto enthusiasts on X have speculated what could have potentially happened with the anonymous wallet.

A user on X with the pseudonym Gabor Gurbacs suggested that the wallet’s owner likely just recovered the private key to the wallet. He wrote, “I am always very happy when people find keys to their old wallets. 50 BTC blocks used to be minable relatively easily. Most people just didn’t care about securing their wallets. Most 50 chunks are simply lost.“

On the contrary, another user claimed that the wallet does not belong to an individual, asserting that the government is possibly the owner of the wallet.

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Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.