A massive $8.6 billion worth of Bitcoin moved from long-inactive wallets this week, raising serious concerns of a possible hack, according to Coinbase’s Conor Grogan.
Grogan, who heads product at Coinbase, flagged the unusual activity on X, suggesting the movement of Bitcoin—dormant since 2011—could be the result of compromised private keys. “There is a small possibility that the $8B in BTC that recently woke up were hacked,” he wrote.
The funds came from eight separate wallets untouched for more than 14 years. Blockchain intelligence firm Arkham confirmed that a single entity initiated the transfers, consolidating the Bitcoin into eight new wallets. The coins have not moved since.
Adding to the suspicion, Grogan pointed out a strange Bitcoin Cash (BCH) test transaction made just before the BTC movements. He noted that only one BCH wallet was accessed—suggesting that the owner may not have initiated the BTC transfers, a possible red flag for a breach.
Speculation has surfaced that the wallets may belong to Roger Ver, known as “Bitcoin Jesus,” who began buying Bitcoin in early 2011. The timing aligns, and Ver was recently released from a Spanish prison on bail, intensifying rumors.
Despite the $8.6B movement, Bitcoin’s price remained largely unaffected—down just 1% in the last 24 hours, hovering near $108,150, based on CoinMarketCap data.
This incident comes amid a rising wave of crypto attacks. CertiK reported that crypto users lost $2.2 billion in hacks and scams in the first half of 2025 alone. Wallet breaches alone accounted for $1.7 billion across 34 incidents, while phishing scams contributed $410 million in losses.
Major incidents this year include Bybit’s $1.5 billion hack and the $225 million breach of Cetus Protocol. Ethereum remains the primary target for attackers, suffering over $1.6 billion in damages so far.
