Recent large Bitcoin movements have drawn attention from experts, raising speculations about a possible hacking incident.
Possibility of a Hacking Attack
Conor Grogan, director at Coinbase, suggested that there is "a small possibility" that billions in long-dormant Bitcoin could have been moved due to a private key hack. Grogan emphasized that his opinion is based on limited facts and that he is engaging in "speculating on straws". If this is confirmed, it could potentially be the largest theft in history.
Details of the Transactions
Before the massive movements, one of the associated wallets made a small transaction on Bitcoin Cash. Grogan speculated that this might have been done to test the functionality of the private keys controlling both BTC and BCH wallets. Nonetheless, other BCH wallets remained untouched, raising questions.
Potential Consequences
According to Arkham Intelligence, a single entity transferred $8.6 billion worth of Bitcoin from eight addresses that had been inactive for 14 years. So far, the coins haven't been moved from the new addresses. If Grogan's theory is confirmed, it could have significant implications for the cryptocurrency market.
Information about a potential theft of large amounts of Bitcoin raises critical questions regarding the security of digital assets and may affect the cryptocurrency market.
