Bitcoin’s First Wallet Comes Alive: A Sudden $1.17 Million Transaction Unfolds
An unidentified Bitcoin (BTC) user has sent 26.9 BTC, equivalent to $1.17 million, to the genesis wallet, the first-ever wallet created on the Bitcoin network by Satoshi Nakamoto.
The transaction took place on January 5 at 1:52 am Eastern Time and attracted attention due to its unusual nature.
What makes this transaction noteworthy is that it involved sending funds from an emptied wallet to the genesis wallet.
The transaction fee attached to it was $100, which is notably higher than the average transaction fee.
The wallet’s initial funding can be traced back to three wallets, with most of the funds originating from a wallet associated with Binance on the blockchain analytics platform Arkham Intelligence.
Conor Grogan, a director at Coinbase, speculated on X (formerly Twitter) that the transaction could signify Nakamoto waking up and depositing BTC from Binance or someone deliberately burning over $1 million.
Grogan even suggested the possibility of the anonymous transfer being part of a peculiar marketing scheme for a spot Bitcoin exchange-traded fund.
Either Satoshi woke up, bought 27 bitcoin from Binance, and deposited into their wallet, or someone just burned a million dollars pic.twitter.com/w34kjnAHPJ
— Conor (@jconorgrogan) January 6, 2024
Since Nakamoto’s disappearance in December 2010, there has been no movement of funds from wallets associated with Nakamoto, including the genesis wallet.
However, it is still possible that Nakamoto retains the private keys for these wallets and has control over the funds.
Initially, the genesis wallet held the 50 Bitcoin that were mined when Nakamoto was still active.
On Bitcoin’s 14th birthday, users worldwide celebrated by sending BTC to the address containing the
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