Largest Heist Ever? Coinbase Exec Explains Why The Mysterious $8 Billion BTC Transfer Was Possibly A Hack
2025-07-06 00:16:20
Main Idea
A Coinbase executive suggests that an $8.6 billion Bitcoin transfer might be the result of a hack, potentially marking the largest crypto heist ever, based on suspicious transaction patterns.
Key Points
1. Conor Grogan, Coinbase's director, raised concerns that the $8.6 billion BTC movement could be due to hacked or compromised private keys.
2. A suspicious Bitcoin Cash (BCH) transaction of 10,000 tokens ($5 million) preceded the BTC transfer, which Grogan noted might have gone unnoticed due to limited monitoring of BCH.
3. The BTC involved in the transfer had been untouched for over 14 years, dating back to the 'Satoshi era,' and has not been deposited into exchange addresses.
4. Bitcoin's price remained stable at around $108,029 despite the uncertainty, though it is 3.4% below its May 2024 all-time high of $111,814.
Description
On Thursday, a single entity transferred $8.6 billion worth of Satoshi-era Bitcoin from eight addresses that had held on to the BTC fortune for over 14 years. Conor Grogan, the director of America’s biggest crypto exchange, Coinbase , suggested there is a chance the $8.6 billion BTC movement was caused by a hack that might set a new heist record. Suspicious BCH Transaction Raises Alarm “There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys...
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