Coinbase Director Alerts Market: Suspicious Bitcoin Whale Activity Sparks Hack Fears

Whale-sized Bitcoin movements trigger alarm bells at Coinbase as a director points to potential security breaches.

Market watchers scramble to decode the anomalous transactions—is this a coordinated attack or just crypto's usual volatility?

Meanwhile, Wall Street analysts pretend they saw it coming all along.

Expert Speculation Builds

Grogan ruled out exchange wallets, citing the absence of automation. He described the activity as oddly manual. Consequently, speculation erupted that the keys may have been compromised. If true, this would mark the largest crypto theft in history.

Grogan mentioned that the addresses probably belonged to an early bitcoin miner, often called an “OG.” However, the ownership of these wallets likely changed hands several times over the years. Besides the two wallets in question, six more, each holding 10,000 BTC, moved their funds 2 days later. All eight wallets can be traced to one combined origin. 

Altogether, these wallets held more than $8 billion worth of BTC at the time.

Also Read: Bitcoin Whales Are Waking Up, What Do They Know About BTC Price?