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Crypto Crash: $60M 11-Year-Old Bitcoin Found Amid Crypto Market Crash

Bitcoin, mystery, crypto crash

  • The mysterious bitcoins, created 11 years ago, started moving last week as the industry faced a fatal crash.
  • About 3,500 BTC, hidden in seven different addresses, started moving to another wallet.
  • The wallets were created when Bitcoin was trading for as little as $4 on October 7, 2011, and was never spent.

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When the world realized the collapse of FTX, the Bahamas-based crypto exchange platform, about 3,500 dormant bitcoins from the wallet created on October 7, 2011 were moved for the first time in over 11 years.

The huge dormant bitcoin chain was moved on Friday, November 11, 2022 after more than ten years of inactivity.

3,500 dormant bitcoins move in 11 years. Photo: Westend61
Source: Getty Images

Bitcoins moved in batches

Over 3,000 bitcoins are valued at over $60 million and came from seven different BTC addresses created on October 7, 2011.

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According to Bitcoin.com, this is the first major dormant bitcoin chain to wake up in months.

Reports say that Btcparser.com saw them and the owner of the addresses did not spend either them, the money received from their sales, or bitcoin (BSV) tokens.

The site says that 500 bitcoins out of a batch of 3500 came from address 1roet and settled at block height 762.676.

The address for BTC 1uNd was also used to transfer another 500 bitcoins with a block height of 762,676. And another 500 BTC from 14x5C settled at block height 762.676, as did 1Es8, 1Hfpr and 1JziG.

Immediately after the owner moved them, it was confirmed that another 500 BTC from another address had also been moved.

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Bitcoins created during the fall

All of the 3,500 stash addresses were created about 11 years ago, on October 7, 2011.

Bitcoin traded at just $4 per unit and closed at $3.27 per unit on October 31, 2011.

At the time of their creation, all 3,500 bitcoins were worth only 14,000 euros.

It is still being investigated why the owner of bitcoins could not spend them for 11 years. They were not sold, despite the move, but were moved to another wallet and remained at the same address.

In addition to the bitcoins moved, about 50 other bitcoins from the wallet created on May 21, 2020 were also moved for the first time in over 10 years. They were to be spent by the owners.

Nigerian Crypto Big Offers N221 Million Compensation to Traders

Legit.ng reported that after liquidating thousands of crypto traders, Nigerian trader Guy Chibuese volunteered to donate $500,000 to make up for investors’ losses on FTX.

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This Bahamian cryptocurrency exchange crashed on Wednesday, November 9, 2021. Chibuese stated in a tweet that the crypto industry needs to rally around FTX and support it with the necessary funds to bounce back.

According to him, it only took the exchange $8 billion to figure out the problem and save the crypto industry from imminent collapse.

Source: legit.ng

Written by khirou

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