$8 Million Bitcoin Silent Whale Wakes Up and Does This By U.Today

U.Today – An address holding 140 BTC, worth over $8 million today, has resurfaced after a decade of inactivity, according to blockchain tracker Whale Alert. The address, dubbed “1BLoHu,” first received 140 BTC in 2013, when it was worth around $107,000.

As mentioned earlier, the transaction from 11 years ago came from another address, “1aWmn,” which also had a remaining balance of 180 BTC. While 140 BTC was transferred to “1BLoHu,” public records show that an additional 40 BTC was transferred to Okcoin.

Today’s latest activity saw “1aWmn” transfer the dormant 140 BTC from “1BLoHu” to a new address, “bc1q66.” The identity of “bc1q66” and the intended use of the transferred funds remain unknown, fueling speculation within the community.

This sudden movement of a large amount of bitcoins after such a long period of time has sparked various theories. Some speculate that the original owner could benefit from the substantial increase in value of his investment, worth exactly $8 million.

Others speculate that it could be a wealth redistribution strategy or a security measure in response to advances in blockchain analysis techniques.

Indeed, the move from the traditional “1” address format to the more modern “bc1” format is seen as a step towards improved security and efficiency. The “bc1” format, also known as Bech32, offers benefits such as better error detection and a more user-friendly structure, which could explain this change.

This article was originally published on U.Today