An inactive Bitcoin address that dates back to the time when Satoshi Nakamoto was actively involved in the cryptocurrency has come to life after a decade. On May 6, the Bitcoin wallet, which holds 687 BTC (equivalent to $43.9 million), transferred its funds to two different wallets.
The first transfer sent 625.43 BTC to an address starting with bc1qky, while the remaining 61.9 BTC went to bc1qdc. Whenever funds from old wallets, especially those from the time of Satoshi, are moved, it tends to pique the interest of the crypto community.
The term “Satoshi era” refers to the early days of Bitcoin when its anonymous founder, Nakamoto, was active in online forums. Some wallets from this era are often speculated to be connected to Satoshi himself.
In August 2023, one such wallet became active after almost 14 years of dormancy. It transferred 1,005 BTC mined in 2010, causing a stir on social media, with many speculating that it may belong to Satoshi. However, experts suggest that it is more likely associated with early miners or buyers seeking to profit.
According to a report by Fortune, there are a total of 1.75 million Bitcoin wallets that have remained inactive for over a decade. Many of these wallets hold significant amounts of BTC, which were likely acquired when the price was in the double digits and are now valued in the millions.
These dormant wallets collectively hold 1,798,681 Bitcoin, which is worth approximately $121 billion at the current price.
Over the past few years, several Satoshi-era wallets have been activated only to transfer their BTC holdings to new addresses. Some of these wallets have also been found to move their funds to cryptocurrency exchanges, indicating a potential desire to cash out after nearly a decade.
In July 2023, a wallet that had been inactive for 11 years transferred $30 million worth of BTC. Then, in November 2023, three Satoshi-era BTC wallets, which had been dormant for six years, transferred $230 million worth of BTC.
These three wallets are believed to be linked to the same individual or organization, as their last transactions were made on November 5, 2017.
The quest to uncover Satoshi’s Bitcoin continues, highlighting the value and intrigue surrounding this cryptocurrency legend.