Galaxy Research said six Bitcoin wallets that had been inactive since 2011, 2012, and 2014 moved a combined 553.59 BTC between Aug. 16 and Aug. 26, with the transfers valued at $40.15 million at the time they were made. Two of the wallets carried the label "Salomon Client Dusted," which is tied to the Noah Doe lawsuit in New York. One transfer involved 40 BTC from a wallet that had been dormant since May 28, 2012, before the funds were sent on Aug. 26 to German crypto custody bank Boerse Stuttgart Digital. Based on an estimated cost basis of about $5, that holding had gained roughly 1,535,911%. The remaining transfers included 212 BTC, 150 BTC, and 132.31 BTC from other long-inactive wallets dating back to 2012, 2014, and 2011. The Noah Doe case seeks recognition of 39,069 dormant Bitcoin addresses in New York state as lost property. Galaxy Research also noted that some other long-term Bitcoin holders moved funds after the Coldcard hardware wallet vulnerability incident in July.
Galaxy Research said six Bitcoin wallets that had been inactive since 2011, 2012, and 2014 moved a combined 553.59 BTC between Aug. 16 and Aug. 26. The transfers were worth $40.15 million at the time of movement.
Six long-dormant wallets became active
The tracked transfers came from several wallets that had been inactive for years. Two of the wallets carried the label "Salomon Client Dusted," a tag linked to the Noah Doe lawsuit in New York.
One transfer involved 40 BTC from a wallet that had been dormant since May 28, 2012. On Aug. 26, the funds were sent to Boerse Stuttgart Digital, a German crypto custody bank. Based on an estimated cost basis of about $5, the position was up roughly 1,535,911%.
Breakdown of the remaining transfers
Aside from the 40 BTC movement, the other transfers included 212 BTC, 150 BTC, and 132.31 BTC. Those funds came from long-inactive wallets dating back to 2012, 2014, and 2011.
Noah Doe case and other wallet activity
The Noah Doe lawsuit seeks a determination that 39,069 dormant Bitcoin addresses in New York state should be treated as lost property. Galaxy Research also noted that some other long-term Bitcoin holding addresses moved funds after the Coldcard hardware wallet vulnerability incident in July.
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