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$8.6B Bitcoin Transfer Raises Alarm Over Possible Hack

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Conor Grogan, the head of product at Coinbase, has issued a warning regarding a potential security breach linked to the movement of $8.6 billion worth of Bitcoin from long-inactive wallets earlier this week.

Key Takeaways:

Grogan raised concerns about a possible hack following the transfer of $8.6 billion in long-dormant Bitcoin.

A suspicious Bitcoin Cash transaction just prior to the BTC transfers has heightened worries.

Speculations suggest that the wallets in question may belong to Roger Ver, a notable figure in the Bitcoin community.

“There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys,” Grogan noted in a post on X on Friday. The Bitcoin in question was transferred from eight wallets that had not been active for over 14 years.

Bitcoin Cash Transaction Raises Suspicions Ahead of $8B BTC Transfer

Grogan highlighted an unusual Bitcoin Cash (BCH) transaction that occurred mere hours before the significant Bitcoin movements. He pointed out that a single BCH test transaction came from one of the “whale” clusters, followed shortly after by sweeping transfers of 10,000 BTC at a time.

“The interesting part is that the other BCH wallets have remained untouched; why wouldn’t they also sweep these?” Grogan questioned, implying that such behavior could suggest compromised keys rather than actions taken by the wallet owners.

Blockchain intelligence company Arkham later validated that a single entity orchestrated the transfers, moving the total of $8.6 billion in BTC from eight wallets that had originally received the Bitcoin back in April or May of 2011.

A single entity moved $8.6 BILLION of BTC from 8 addresses in the past day.

All of the Bitcoin was moved into the original wallets on either 2nd April or 4th May 2011 and has been held for over 14 years.

Currently, the Bitcoin is sitting in 8 new addresses and has not been moved since the transactions on Thursday. pic.twitter.com/nm53tVRzLJ

— Arkham (@arkham) July 4, 2025

The assets, which had remained dormant for over a decade, have now been consolidated into eight new wallets and have not been transferred since the activity on Thursday, according to Arkham.

Meanwhile, 10x Research has circulated speculation that these wallets could be linked to Roger Ver, known in the crypto world as “Bitcoin Jesus.” Ver was recently released on bail from a Spanish prison on June 5, and the dormant coins were last moved in May 2011, around the time he reportedly started acquiring Bitcoin.

If the speculation is accurate, these wallets might represent billions of dollars under Ver’s control.

Speculation that the $8.6B in Dormant Bitcoin Just Moved are from Roger Ver. He was released on bail from Spanish prison on June 5 and those Bitcoins last moved in May 2011 while Roger got into Bitcoin in February 2011. He will certainly have billions of dollars worth of… pic.twitter.com/nm53tVRzLJ

— 10x Research (@10x_Research) July 5, 2025

Despite the concerns surrounding a potential hack, Bitcoin’s market price remained stable, witnessing a 1% decline in the past 24 hours, with trading hovering around $108,150, according to CoinMarketCap data.

Crypto Hacks, Scams Cost Investors $2.2B in H1 2025: CertiK

In the first half of 2025, crypto investors suffered losses exceeding $2.2 billion due to hacks, scams, and security breaches, as detailed in a recent security report by CertiK. These significant losses were primarily attributed to wallet compromises and phishing attacks.

Wallet breaches alone accounted for $1.7 billion in losses across just 34 incidents, while phishing scams collectively cost investors over $410 million across 132 attacks.

Notably, two major incidents—the $1.5 billion hack of Bybit in February and the $225 million exploit of Cetus Protocol in May—skewed the year’s total losses, together contributing nearly $1.78 billion.

Without these exceptional cases, losses would align more closely with previous years, estimated at around $690 million.

Ethereum remained the primary target for attackers, enduring over $1.6 billion in losses across 175 events during this period.

The report also underlined the increasing sophistication of phishing attacks and the ongoing risks posed by social engineering tactics, urging crypto users to verify links, avoid suspicious sites, and utilize hardware wallets.

The post $8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan appeared first on Finance Newso.

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