"We Could Be Talking About the Biggest Heist in History," Says Executive About $47 Billion Bitcoin Movement

• Is This the Largest Crypto Heist in History?
• Why the Bitcoin Cash Connection Raises Red Flags
• Alternative Theory: A 2011 Miner Awakens
• Community Reactions: From Alarm to Skepticism
• Historical Precedents of Dormant Bitcoin Movements
• FAQ: Your Questions Answered

A sudden movement of 80,000 bitcoins (worth ~$47 billion) after 14 years of dormancy has sparked theories of a historic hack or a long-lost whale awakening. Coinbase’s Conor Grogan highlights suspicious Bitcoin Cash (BCH) test transactions as potential evidence of compromised keys, while others argue it’s likely an early miner cashing out. The crypto community is divided, with some calling it the "largest heist ever" and others dismissing the hack theory. Historical context, expert analysis, and social media reactions are explored below.

Is This the Largest Crypto Heist in History?

On July 4, 2025, the crypto world was shaken when 80,000 bitcoins—worth approximately $47 billion—were moved from wallets that had been inactive since 2011. Conor Grogan, Head of Product at Coinbase, speculated this could be "the largest heist in human history," citing unusual bitcoin Cash (BCH) test transactions hours before the BTC transfer. Historical parallels include:

• The 2023 Bybit hack ($8.2 billion in Ethereum stolen by North Korean hackers)
• Mt. Gox’s 2014 collapse (850,000 BTC lost)
• The 2021 Poly Network exploit ($611 million recovered)
• The 2022 Ronin Bridge attack ($625 million)
• The 2020 Twitter Bitcoin scam ($120,000 in BTC stolen via celebrity accounts)

Grogan noted: "If private keys were hacked, this dwarfs all previous crypto thefts combined." However, blockchain analytics firm Chainalysis suggests the movement aligns with early miner behavior.

Why the Bitcoin Cash Connection Raises Red Flags

Grogan’s theory hinges on a BCH test transaction from one of the BTC whale’s linked wallets 14 hours before the main transfer. Key anomalies:

• Selective Sweeping: Only one BCH wallet was emptied; others remained untouched.
• Timing: BTC movements began precisely one hour after the BCH test.
• OPSEC Mismatch: Why use BCH (a less secure chain) for testing if legitimately moving BTC?

BTCC analysts caution: "While suspicious, this could also indicate a whale testing infrastructure before a planned sale."

Alternative Theory: A 2011 Miner Awakens

Many argue the movement is simply an early adopter cashing out. Supporting evidence:

• Historical Context: In 2011, BTC traded below $10; mining 80,000 BTC was feasible for individuals.
• Message Trails: Cryptic messages sent to the wallets days prior suggest coordination.
• Market Impact: No price crash occurred post-transfer, implying OTC sale negotiations.

A TradingView chart shows BTC’s price stability despite the massive movement, contrasting with sharp drops during confirmed hacks like Mt. Gox’s sell-offs.

Community Reactions: From Alarm to Skepticism

Crypto Twitter split into factions:

• Team Heist: "No sane holder waits 14 years to move $47B without testing wallets earlier."
• Team Whale: "Satoshi-era miners have ‘lost’ keys before—remember the $220M 2010 wallet activation?"

If true (again, I'm speculating on straws here), this would be by far the largest heist in human history.
— Conor (@jconorgrogan) July 4, 2025

Historical Precedents of Dormant Bitcoin Movements

This isn’t the first time sleeping BTC stirred drama:

CoinGlass data shows such events typically cause

FAQ: Your Questions Answered

Could this really be a hack?

Possible but unconfirmed. The BCH test transaction is suspicious, but absent wallet identification, we can’t verify theft.

Why wouldn’t a hacker take the BCH too?

Possible reasons: 1) Overlooked it, 2) BCH’s lower liquidity makes laundering harder, 3) Time pressure to MOVE BTC first.

What’s the safest way to store large crypto holdings?

Multisig wallets, hardware devices, and geographic key distribution reduce risks. (This article does not constitute investment advice.)