A Bitcoin Wallet Dormant for 11 Years Suddenly Sent $60 Million Worth of BTC, Here\'s Where the Funds Went

A dormant Bitcoin wallet created on September 25, 2012, eleven years and nine months ago, has reportedly sent 1,000 bitcoins with a value of sixty million

A dormant Bitcoin wallet created on September 25, 2012, has sent 1,000 bitcoins to an unknown wallet for the first time, on-chain data reveals.

Btcparser.com shows that an old Bitcoin wallet, created on September 25, 2012, moved 1,000 bitcoins at a block height of 852,190. The activation of this output occurred at the exact moment as Bitcoin (BTC) hit the $60,000 range for the first time in nearly two weeks.

Dormant for eleven years and nine months, the 1,000 bitcoins were valued at a little over sixty million dollars. On the day the bitcoins were acquired, the BTC was purchased at a price of $12.10 per coin.

Hence, the 1,000 bitcoins moved today are valued at $60 million, but at the day of inception, the bitcoins were only worth $12,100. The initial wallet created in 2012 was a legacy wallet, or a P2PKP-Hash (Pay-to-Public-Key-Hash) address. The funds were moved to a native Segregated Witness or Bech32 address, and the funds remain in that wallet at the time of writing.

Despite most people spending less than seven to nine satoshis per virtual byte (sat/vB), the user who carried out this transaction spent 19,107 sat/vB. While the owner of the 1,000 BTC would have paid $0.68 or 8 sat/vB for the transfer, they paid 19.41 times more, which is around $11.45.

This particular transaction was given a score of 75 out of 100 by Blockchair's privacy tool, indicating that the transaction was slightly more private than usual for old Bitcoin transfers. The transaction was given a “moderate” variance as there were multiple instances of the same address in the inputs.

Dormant bitcoins from 2012, 2011, and 2010 are now exceptionally rare, and a transfer of one thousand bitcoins is a unique occurrence. The owner of the stash in 2012 has gained immense value in bitcoins, with the stash increasing in value by 495,850.41% against the United States dollar. This shows a massive growth of around 4,959 times the previous value.

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