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Hundreds of Bitcoin (BTC) that had been dormant for 10 years went back into action on Saturday 7 November. The total value of these Bitcoins, 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 dormant coins or zombie coins?
Two days ago, hundreds of Bitcoins (BTC), whose total value exceeded $ 15 million, went into action. The owners of these Bitcoins have also transacted 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 cash withdrawals from Bitcoin wallets are always closely monitored by blockchain observers. These transactions become much more interesting if they contain Bitcoin from the days when Satoshi Nakamoto was still active.
There are estimated to be 1.5 to 1.8 million BTC dating back to the Nakamoto era. In the incident two days ago, 999 bitcoins, produced in 2010 and remaining from the Satoshi period, went into action. These Bitcoins, which have not been used for ten years and are equivalent to 15.5 million dollars at the current exchange rate, have brought the concept of “sleeping money” back to the agenda.
Events with Sleeping Coin or Zombie Coin don’t stop there. Similar cases are known to have occurred in the past. For example, a bulk reward transfer worth 1050 BTC from 2010 was last performed on 11 October. Likewise, around 200 BTC transfers since 2010 have been made on October 17, 25, 29 and November 1.
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 since 2010 have changed their wallet.
The person or persons who own the blocks have also raised $ 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.
The Blockchain monitoring site Blockchair also assigned a privacy score of 100 on a privacy scale called “Privacy-o-Meter” to around 1000 BTC transfers. According to Blockchair, the higher this score, the harder it is to track transactions.
Among other information obtained, the BTCs of November 7, 2010 were issued in August, September and October. The answer to these questions is still unclear why the Satoshi-era dormant coins have now been awakened or these coins will be released.
1 million bitcoins are still missing
It is known that Satoshi Nakamoto produced around 1 million Bitcoins after creating Bitcoin and disappeared with these Bitcoins. The imbalance that will occur when Nakamoto sells Bitcoin in his hands in the future makes most investors nervous.
Because if Nakamoto decides to emerge and release his Bitcoins to the market, the value of the leading post-market cryptocurrency that will be filled with 1 million fresh coins will drop significantly. While the major cryptocurrency has a limited supply of 21 million which is expected to reach by 2140, Nakamoto’s Bitcoins make up five percent of all cryptocurrency.
