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    1. coinfeeds-bot on

      tldr; Coinbase director Conor Grogan suggests that the sudden movement of $8 billion in dormant Bitcoin wallets may be linked to a hack or compromised private keys. Grogan observed a test transaction on the Bitcoin Cash (BCH) network from one of the wallets shortly before the BTC transfer, indicating an attempt to avoid detection. The wallets, inactive for over 14 years, first accumulated Bitcoin when its price was $0.78. Grogan speculates the BCH test was used to verify access before transferring the BTC.

      *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

    2. Because who would bother to test out a new wallet before moving their $8B btc to it?

    3. Present-Percentage88 on

      Classic fud, Blackrock trying to scare you into selling your wallet. Remember, you will own nothing, not even Bitcoin

    4. This is honestly what is going to keep cryptocurrencies down for a while. The security is a concern and the fact that these amounts of money can be moved after a hack is a huge concern for any nation that tries to incorporate decentralized cryptocurrencies into its federal reserves. Think about a hack like this on a national scale. In a way this is a feature of the technology, but also what will keep it from ever becoming an international standard of value or a reserve currency. The scams and hacks are rampant, and they always will be as long as the decentralized system is running, it simply means that it will be a „side“-economy, not the main national reserve of countries, and that is totally fine.

    5. nohiddenmeaning on

      Wouldn’t this raise the chances of detection? Why not just go for the big one immediately?

    6. 1BannedAgain on

      That’s it peeps. Quantum computer used to hack the bitcoin blockchain. Tether dies after the exchanges apply pressure. Then exchanges die

      This hacker stole money nobody would miss. Now the hacker is Selling bags to Saylor

    7. The reasoning is also quite strange. Because they tested on Bitcoin Cash, it is a hack?

    8. GentlemenHODL on

      >Grogan observed a test transaction on the Bitcoin Cash (BCH) network from one of the wallets shortly before the BTC transfer, indicating an attempt to avoid detection.

      This implies the exact opposite. If I was hacking someone’s wallet and I found the private key I would immediately transfer those assets.

      I certainly wouldn’t break into a museum and steal the stand that holds the relic before taking the relic.

      I get that 4 million is nothing to piss at but compared to 8 billion it’s pennies. Always take the high target first.

      The logic is also flawed that this would avoid detection. If they’re going to take it all they’re going to take it all. The order in which they take it is not going to change any detection.

    9. Lazy-Abalone-6132 on

      Bitcoin no longer has the security people think it has.

      The whales are in and are laughing at later entry holders. It was a scam to pull value away from a currency or legal tender connected to representative government where people can have control (positive influence).

      This fits into the hoarding capital exercise of post-financial capitalism (late-stage capitalism) to maintain wealth through non-productivity over hoarding finite items of perceived value.

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