Coinbase Director Raises Alarm Over Potential Bitcoin Hack Following Mysterious Whale Movements

The Bitcoin market experienced significant turbulence as two long-dormant wallets, holding over $1.1 billion in BTC, suddenly became active. These addresses, untouched since April 2011 when Bitcoin was valued at just $0.78, transferred 10,000 BTC each within a 30-minute span. The transactions, executed manually rather than through automated processes, immediately sparked concerns of a potential security breach. Coinbase Director Conor Grogan highlighted the suspicious nature of these movements, suggesting a possible hack. The incident has drawn widespread attention, underscoring the vulnerabilities and risks associated with large-scale cryptocurrency holdings. As the crypto community scrutinizes these developments, the implications for market stability and security remain a pressing concern.

Coinbase Director Flags Possible Hack Behind Bitcoin Whale Movements

Bitcoin's market was jolted by the sudden activation of two dormant wallets holding over $1.1 billion in BTC. These addresses, untouched since April 2011 when Bitcoin traded at $0.78, transferred 10,000 BTC each within a 30-minute window. The methodical nature of the transactions—manual rather than automated—raised immediate suspicion.

Coinbase Director Conor Grogan pointed to a potential security breach. A single BCH test transaction preceded the massive BTC movements, suggesting private key testing. The untouched BCH wallets added weight to the theory. "There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised," Grogan noted on social media.

The absence of exchange-like automation further fueled speculation. Market observers now scrutinize whether this signals a sophisticated heist or an improbable coincidence.

80,000 BTC Moved After 14 Years: Mystery Transfer or Massive Hack?

Nearly 80,000 Bitcoin, mined over 14 years ago, abruptly moved from eight dormant wallets on July 4, 2025—marking the largest known transfer of Satoshi-era BTC in history. The wallets, inactive since 2011, originally held BTC valued at $0.78 per coin; today, each 20,000-BTC wallet exceeds $1.1 billion.

Blockchain analysts at Arkham suggest a single entity controls all eight wallets. The coins were transferred to newer address formats, bypassing exchanges. Coinbase's Conor Grogan publicly questioned whether the movement was legitimate or a hack, amplifying market speculation.