{"id":488283,"date":"2025-07-06T00:22:42","date_gmt":"2025-07-05T23:22:42","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=488283"},"modified":"2025-07-06T00:23:00","modified_gmt":"2025-07-05T23:23:00","slug":"suspicion-surrounds-mysterious-8-6-billion-bitcoin-move","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/suspicion-surrounds-mysterious-8-6-billion-bitcoin-move\/","title":{"rendered":"Suspicion surrounds mysterious $8.6 billion Bitcoin move"},"content":{"rendered":"<p>Conor Grogan, Head of Product at <a href=\"https:\/\/cryptoslate.com\/companies\/coinbase\/\">Coinbase<\/a>, believes that there is a \u201csmall possibility\u201d that the transfer of $8.6 billion worth of Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) on July 4 was a hack. Calling his claim \u201cextreme speculation\u201d in an X <a href=\"https:\/\/x.com\/jconorgrogan\/status\/1941182446579630377\">post<\/a> on Friday, Grogan said he found the transaction movements to be \u201cextremely odd.\u201d He added:<\/p>\n<blockquote><p>\u201cIf true (again, I'm speculating on straws here), this would be by far the largest heist in human history.\u201d<\/p><\/blockquote>\n<h2>The transfer of 80,000 BTC<\/h2>\n<p>On Friday, eight BTC wallets that had been dormant for 14 years transferred a total of 80,000 BTC, worth around $8.6 billion, <a href=\"https:\/\/x.com\/arkham\/status\/1941186502488359409\">according<\/a> to blockchain analytics platform Arkham Intelligence. The massive scale of the transactions exceeded the gross domestic product (GDP) of Montenegro, a small country nestled in Southeast Europe that ranks 147th in terms of GDP.<\/p>\n<p>The BTC had been moved to the original wallets on 2nd April or 4th May, 2011, Arkham Intelligence noted\/ It added that the transactions had been conducted by a \u201csingle entity.\u201d<\/p>\n<p>The transactions began with the transfer of 40,000 BTC from a dormant wallet, followed by four transactions of 10,000 BTC each across a total of 10 hours. The Bitcoins have not been sold or further transferred since the five transactions \u2014 the BTC is currently held in eight new wallets.<\/p>\n<p>Sani, a Bitcoin maximalist and founder of Timechain Index, <a href=\"https:\/\/x.com\/SaniExp\/status\/1941244197937480050\">believes<\/a> that the transferred 80,000 BTC belong to <a href=\"https:\/\/cryptoslate.com\/people\/roger-ver\/\">Roger Ver<\/a>, also known as \u2018Bitcoin Jesus.\u2019 Ver, an early Bitcoin investor, was <a href=\"https:\/\/cryptoslate.com\/roger-ver-arrested-in-spain-after-doj-files-tax-fraud-charges-in-the-us\/\">arrested<\/a> in Spain last year on U.S. charges of tax fraud. He allegedly owes the Internal Revenue Service (IRS) at least $48 million in taxes, <a href=\"https:\/\/www.justice.gov\/archives\/opa\/pr\/early-bitcoin-investor-charged-tax-fraud\">according<\/a> to the Department of Justice (DOJ).<\/p>\n<p>Responding to an X user, Sani <a href=\"https:\/\/x.com\/SaniExp\/status\/1941248710371058122\">noted<\/a> that the transfers could be an indication that Ver has reached a deal with the IRS, and a settlement might be in the pipeline.<\/p>\n<h2>Grogan\u2019s theory of hack<\/h2>\n<p>Grogan pointed to a Bitcoin Cash (BCH) <a href=\"https:\/\/www.oklink.com\/bch\/tx\/932deee311857b585f637d1ec15faf54dcc35d6c19e32b3bbefbfd6dade53c99\">test transaction<\/a> that preceded the Bitcoin transfers as potential evidence of foul play. The entity that transferred the 80,000 Bitcoins transferred 10,000 BCH, worth nearly $5 million, and back into one of the original wallets an hour before the transfer of the BTCs began.<\/p>\n<p>Grogan said that there is a possibility the owner of the wallets was trying to discreetly test the private key without attracting attention with the test BCH transaction. This is because BCH transactions are not closely monitored by platforms tracking whale wallets, he said. However, Grogan wrote:<\/p>\n<blockquote><p>\u201cWhat makes me say this [BTC transfers were a hack] is the other BCH wallets have not been touched at all; why wouldn't they also sweep these?\u201d<\/p><\/blockquote>\n<p>He further added that he does not believe the transactions were conducted by an exchange because of the BCH test transaction, and since the BTC transactions were executed manually.<\/p>\n<h2>Many don\u2019t agree with Grogan\u2019s hack theory<\/h2>\n<p>While some X users readily agreed with Grogan\u2019s reasoning, others have ruled out the possibility that the BTC transactions were the result of a hack. Sani, for instance, <a href=\"https:\/\/x.com\/SaniExp\/status\/1941383453607673923\">said<\/a> he does not think the transactions involved a hack while responding to a user referring to Grogan\u2019s post.<\/p>\n<p>A former Pulsechain developer who goes by \u2018bretep\u2019 on X <a href=\"https:\/\/x.com\/bretep\/status\/1941538421417312389\">explained<\/a> that it is practically impossible to hack a specific Bitcoin private key using any current technology. In fact, the chance is one in over 115 quattuorvigintillion (75 zeroes)\u2014a person is more likely to get struck by lightning every day for 10,000 years straight, he explained, adding:<\/p>\n<blockquote><p>\u201cThe security isn\u2019t just strong &#8211; it\u2019s mathematically absurd to even attempt with any conceivable technology.\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b With quantum computing, it\u2019d take an estimated 30-40 years, but that is just theoretical at this point.\u201d<\/p><\/blockquote>\n<p>An X user who goes by \u2018bizzy\u2019 pointed out the logical flaw in Grogan\u2019s conclusion. He <a href=\"https:\/\/x.com\/0xBiZzy\/status\/1941204902841286711\">stated<\/a> that a scammer would not have transferred the BCH tokens before the BTC transactions since it could have risked \u201ctipping off the owner.\u201d<\/p>\n<p>Furthermore, barthazian.eth, a pseudonymous X user, <a href=\"https:\/\/x.com\/Barthazian\/status\/1941254844192636942\">claimed<\/a> that the BCH transaction that Grogan pointed out as suspicious was a handshake transaction, which is common in cases of large over-the-counter transactions.<\/p>\n<p>Additionally, Optimism contributor and former Coinbase product manager Binji Pande noted that the slow pace of execution of the BTC transactions does not point towards a hack. He <a href=\"https:\/\/x.com\/binji_x\/status\/1941193870806745109\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cGiven how slowly these sends transpired, it\u2019s hard to be convinced it\u2019s a hack, I\u2019d imagine they would be a bit faster with moving these funds.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Conor Grogan, Head of Product at Coinbase, believes that there is a \u201csmall possibility\u201d that the transfer of $8.6 billion worth of Bitcoin (BTC) on July 4 was a hack. Calling his claim \u201cextreme speculation\u201d in an X post on Friday, Grogan said he found the transaction movements to be \u201cextremely odd.\u201d He added: \u201cIf [&hellip;]<\/p>\n","protected":false},"author":1386,"featured_media":488287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,77968,29,6849,60206],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suspicion surrounds mysterious $8.6 billion Bitcoin move<\/title>\n<meta name=\"description\" content=\"Coinbase&#039;s Conor Grogan believes that a test BCH transaction that preceded the transfer of 80,000 BTC could be indicative of foul play.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/suspicion-surrounds-mysterious-8-6-billion-bitcoin-move\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suspicion surrounds mysterious $8.6 billion Bitcoin move\" \/>\n<meta property=\"og:description\" content=\"Coinbase&#039;s Conor Grogan believes that a test BCH transaction that preceded the transfer of 80,000 BTC could be indicative of foul play.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/suspicion-surrounds-mysterious-8-6-billion-bitcoin-move\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-05T23:22:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-05T23:23:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/07\/bitcoin-move.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Monika Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Monika Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/suspicion-surrounds-mysterious-8-6-billion-bitcoin-move\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/suspicion-surrounds-mysterious-8-6-billion-bitcoin-move\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#person\",\"name\":\"Monika Ghosh\",\"url\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"caption\":\"Monika Ghosh\"},\"jobTitle\":\"Former Reporter\",\"description\":\"Monika started reading about crypto in 2020 and went deeper and deeper down the rabbit hole. 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While she is always skeptical of new projects, she earnestly believes blockchain and the crypto industry can relieve some of our time's most pressing problems, including financial inequality and transparency. She is a voracious reader, and her fondness for food only rivals her love for books.","url":"https:\/\/cryptoslate.com\/author\/monika-ghosh\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/488283"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1386"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=488283"}],"version-history":[{"count":3,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/488283\/revisions"}],"predecessor-version":[{"id":488288,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/488283\/revisions\/488288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/488287"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=488283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=488283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=488283"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=488283"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=488283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}