Bitcoin
$8 Million Bitcoin Silent Whale Awakens and Does This for U.Today
U.Today — An address holding 140 BTC, worth more than $8 million today, has resurfaced after a decade of inactivity, according to blockchain tracker Whale Alert. The address, dubbed “1BLoHu,” first received 140 BTC in 2013, when it was worth around $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 that another 40 BTC was transferred to Okcoin.
Today, the latest activity saw “1aWmn” transfer the 140 dormant 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 several theories. Some speculate that the original owner may be cashing in on the substantial appreciation of his investment, worth $8 million to be exact.
Others theorize that it could be a wealth redistribution strategy or a security measure in response to advances in blockchain analysis techniques.
This is because the move from the legacy “1” address format to the more modern “bc1” format is seen as a move towards improved security and efficiency. The “bc1” format, also known as Bech32, offers benefits such as better error detection and a more user-friendly structure, which may be the reason for the change.