Galaxy Research has monitored the on-chain movement of a physical Casascius Bitcoin, minted between 2011 and 2013, whose private key was recently peeled off to access the 25 BTC (~$1.78 million) it contained. The holder removed the anti-counterfeiting hologram sticker from the coin, retrieved the hidden private key, and transferred the associated funds on-chain.
Casascius coins are an iconic collectible from the early days of Bitcoin, created by Mike Caldwell in 2011. Each physical coin contains a tamper-evident hologram that seals a paper strip with the private key. Peeling off the sticker exposes the key, allowing the holder to move the underlying bitcoins. The series was discontinued in 2013 due to regulatory concerns, but tens of thousands of BTC remain locked in unpeeled Casascius coins, which continue to attract interest from collectors and whale watchers.
This rare extraction event illustrates how long-dormant early Bitcoin assets are occasionally reactivated, showcasing the traceability of on-chain analytics tools.