Old School Bitcoin Whale Suddenly Moves $34,000,000 in Crypto After Years of Silence

A crypto whale that hadn’t moved its Bitcoin stash in nearly nine years just shipped about $34 million worth of BTC to another wallet, according to the crypto tracker Whale Alert.

The wallet first received 900 Bitcoin at 4:40 pm on August 16, 2012.

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Bitcoincharts indicates BTC was trading around $13.50 at the time, meaning that 900 Bitcoin was worth about $12,150 when the wallet received it, less than a third of the price of one Bitcoin at time of writing.

That 900 Bitcoin was then worth $33,794,136 at the time of the transaction on Tuesday, a 278,041% increase. The wallet that received the Bitcoin has no known ties to any crypto institutions, exchanges or investors.

The long-dormant wallet did receive trace amounts of Bitcoin numerous times over the last nine years, though those transactions appear to be the result of dusting attacks.

Dusting attacks involve hackers and scammers sending minuscule amounts of a cryptocurrency (dust) to a large number of personal wallets in an attempt to break the privacy of wallet-holders.

The scammers then try to trace the transactional activity of the targeted wallets in an effort to identify the people or companies behind them.

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Featured Image: Shutterstock/Tithi Luadthong