$8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan

Key Points

1. Conor Grogan flagged a potential security breach involving $8.6 billion worth of Bitcoin moved from long-dormant wallets, suggesting compromised private keys.

2. An unusual Bitcoin Cash (BCH) transaction occurred just before the large BTC transfer, raising suspicions of unauthorized activity.

3. The $8.6 billion in BTC was consolidated into eight new wallets after being untouched for over 14 years, with no further movement reported.

4. Speculation arose that the wallets could belong to Roger Ver, who was released on bail from a Spanish prison in June 2025 and had acquired Bitcoin in early 2011.

5. Despite the concerns, Bitcoin’s price remained stable, trading around $108,150, down only 1% in the last 24 hours.

6. Crypto investors lost over $2.2 billion to hacks, scams, and breaches in H1 2025, with wallet compromises and phishing attacks being major contributors.