Bitcoin worth roughly $500,000 was moved to one of Bitfinex’s hot wallets a couple of days back.
This might seem like nothing but an ordinary transaction if it wasn’t for the fact that the BTC in question was mined back in May 2010, and it hasn’t been touched since. At the time, Satoshi Nakamoto, Bitcoin’s pseudonymous creator, was still active.
50 BTC From Satoshi’s Time on the Move
An exciting transaction took place a couple of days ago. On October 1st, 2020, someone sent 50 BTC, currently worth a little over $500,000, to a wallet that appears to belong to the popular cryptocurrency exchange Bitfinex.
While this might seem like an ordinary everyday transaction, a closer look into the sending address reveals that it’s only the second transaction that it has ever engaged in.
The first one took place all the way back in 2010, on May 25th, and it was a block reward. This means that the address has received 50 BTC ten years ago for mining a block on Bitcoin’s network and hasn’t touched them since.
Needless to say, the time has more than paid off as BTC back then was virtually worthless. It’s also interesting to note that this was during the time when the pseudonymous creator of Bitcoin’s network, Satoshi Nakamoto, was still active. Data from the popular forum Bitcointalk shows that Satoshi’s last activity was in December 2010.
BTC Price Steady
It’s obviously not the first time bitcoins from old addresses were sent to an exchange. Back in May this year, CryptoPotato reported that someone had sent 50 BTC mined in 2009 to an unknown wallet.
A lot of community members speculated that it could, indeed, be Satoshi, and the price tanked as a result of fears that more unloading will follow.
That’s not the case this time. Commenting on the matter was the CEO of Binance, Changpeng Zhao, who said that “last time (5 months ago), this was correlated with a 7% drop. This one, nothing. Correlation does not prove causation, lol.”