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The Silent Whale With $8 Million in Bitcoin Wakes Up and Does This By U.Today
U.Today – An address containing 140 BTC, worth more than $8 million today, has resurfaced after a decade of inactivity, according to blockchain tracker Whale Alert. The address, nicknamed “1BLoHu,” first received 140 BTC in 2013, when it was worth about $107,000.
As mentioned, the 11-year-old transaction originated from another address, “1aWmn,” which also had a remaining balance of 180 BTC. While 140 BTC was transferred to “1BLoHu,” public records show another 40 BTC was transferred to Okcoin.
Today, the latest activity saw “1aWmn” transfer the dormant 140 BTC from “1BLoHu” to a new address, “bc1q66”. The identity of “bc1q66” and the intended use of the transferred funds remain unknown, fueling speculation within the community.
This sudden movement of a significant amount of Bitcoin after such a long period of time has sparked various theories. Some speculate that the original owner could cash in on the significant appreciation of his investment, worth $8 million to be exact.
Others speculate that it could be a wealth redistribution strategy or a security measure in response to advances in blockchain analytics techniques.
This is because the move from the legacy “1” address format to the more modern “bc1” format is seen as a step towards greater safety and efficiency. The “bc1” format, also known as Bech32, offers advantages such as better error detection and a more intuitive structure, which could be the reasons for the switch.