Hundreds of Bitcoins (BTC) that had been dormant for 10 years took action again on Saturday, November 7. The total value of these Bitcoins, which were collected in a single wallet and then transferred to several different addresses, was $ 15.4 million. So, what are the characteristics of these cases known as sleeping coins or zombie coins?
Two days ago, hundreds of Bitcoins (BTC), whose total value exceeded $ 15 million, took action. The owner (s) of these Bitcoins also made transactions with $ 250,000 Bitcoin Cash (BCH). Excavated in 2010, in other words, in the “Satoshi era”, these Bitcoins were first collected at a common address and then distributed to several different addresses.
Sleeping Bitcoins woke up in the past
Large amounts of money withdrawals from Bitcoin wallets are always carefully monitored by blockchain observers. These transactions become much more interesting if they contain Bitcoins from the times when Satoshi Nakamoto was still active.
It is estimated that there are about 1.5 to 1.8 million BTC dating from the Nakamoto era. In the incident that happened two days ago, 999 bitcoins, which were produced in 2010 and remained from the Satoshi period, took action. These Bitcoins, which have not been used for ten years and are equivalent to $ 15.5 million at the current exchange rate, have brought the concept of “sleeping coin” back on the agenda.
Sleeping coin or zombie coin events are not just limited to this. It is known that similar cases have occurred in the past. For example, a block reward transfer worth 1050 BTC from 2010 was last performed on October 11th. Similarly, approximately 200 BTC transfers from 2010 were made on 17, 25, 29 October and 1 November.
What is the mystery behind this process?
The coins, which were awakened on November 7, were spotted by Btcparser.com, a blockchain web portal. According to the website, 20 unspent blocks from 2010 have changed wallets.
The person or persons who own the blocks also collected $ 250,000 in Bitcoin Cash in another account. 999.99 BTC, worth $ 15.4 million, was first combined into one account and then sent to different addresses piece by piece. It is claimed that the owner of the dormant coins between November 7 and March and October is the same person.
Blockchain tracking site Blockchair also gave a privacy score of 100 on a privacy scale named “Privacy-o-Meter” to approximately 1000 BTC’s relocations. According to Blockchair, the higher this score, the more difficult it is to keep track of transactions.
Among other information obtained, the BTCs on November 7, 2010 were issued in August, September and October. The answer to these questions is not yet clear why the sleeping coins of the Satoshi era were now awakened or will these coins be released.
1 million bitcoins are still missing
It is known that Satoshi Nakamoto produced about 1 million Bitcoins after creating Bitcoin and disappeared with these Bitcoins. The imbalance that will occur when Nakamoto sells Bitcoins in his hands in the future makes most investors nervous.
Because if Nakamoto decides to emerge and releases his Bitcoins to the market, the value of the leading post-market crypto currency that will be filled with 1 million fresh coins will decrease considerably. While the leading cryptocurrency has a limited supply of 21 million expected to reach by 2140, Nakamoto’s Bitcoins make up five percent of all cryptocurrency.