Recent activity in long-dormant Bitcoin BTC/USD wallets has caught the attention of the crypto community, sparking speculation about the motivations behind these moves.
These wallets are owned by so-called “whales,” or holders of large amounts of cryptocurrency whose actions can significantly impact token prices.
One whale, whose wallet was last active in 2012, moved over 400 Bitcoin worth $11 million over the weekend. Some 360 Bitcoin going to one wallet and 40 Bitcoin to other wallets, according to Coindesk. This whale had purchased 900 Bitcoin in 2012, making a 40,000% gain on the investment.
Other whales have also moved large amounts of Bitcoin and Ether ETH/USD recently.
The identity of the whales and the reason for their moves remain unknown. Rumors swirled on Twitter about whether the wallets were hacked or insiders were moving tokens ahead of negative news.
Some have suggested that old wallet generators have been cracked, as old wallets have frequently been targeted by hackers.
“We’re now at [way] too many 10+ year wallets springing to life on multiple assets all of a sudden,” Adam Cochrane, a partner at CEHV, commented on Twitter. “Unless these wallets are somehow related to Mt Gox cold storage, then some old wallet generator has to have been cracked.”
This recent activity follows reports of a “wallet draining operation” that affected whales and early holders of Ether, with over 5,000 Ether estimated to have been drained from such wallets.
Despite the uncertainty surrounding these moves, it is clear that they have reignited interest in the cryptocurrency world, with many keeping a watchful eye on these whale wallets.