There is a small possibility that the recent transfers of 80,000 BTC, which had remained inactive for over 14 years, are related to address hacks or compromised private keys. This was stated by Coinbase’s Head of Product, Conor Grogan.

“If this is true (again, I’m just speculating), it would undoubtedly be the largest heist in human history,” he emphasized.

Grogan pointed to a suspicious Bitcoin Cash (BCH) transaction from a Bitcoin whale’s address. About an hour later, transfers of 10,000 BTC each were made from eight separate wallets.

The expert acknowledged that the user might have been testing the private key via the BCH transaction. However, Grogan found it suspicious that other cryptocurrency addresses were not involved.

“These are all extreme speculations, but the movements here are very strange. I don’t think this is an exchange wallet because of the BCH activity. The BTC transfers all seem to have been done manually,” he added.

Arkham specialists concluded that a single entity is behind the movement of bitcoins worth $8.6 billion. All the assets were acquired on April 2 or May 4, 2011.

At the time of writing, the coins are stored across eight new addresses.

As a reminder, losses to the crypto industry from hacker attacks totaled $2.1 billion in the first half of 2025, according to a report by TRM Labs.