Galaxy Research said six long-inactive Bitcoin wallets dating back to 2011-2014 sent funds between Aug. 16 and Aug. 26, transferring a combined 553.59 BTC worth about $40.15 million at the time of movement. The oldest wallet had been inactive since June 2011, or 15.1 years, and moved 8.54 BTC. Another 14-year-old wallet transferred 212 BTC valued at about $13.66 million. The latest transaction moved 40 BTC from a wallet dormant for 14.2 years to an address labeled as Germany-based crypto custody firm Boerse Stuttgart Digital. Galaxy Research also said two of the wallets carried the tag "Salomon Client Dusted," linking them to the New York "John Doe" case involving an attempt to claim 39,069 long-dormant Bitcoin addresses. The firm added that recent hardware wallet security incidents may have prompted some long-term holders to move assets, but said the exact reason behind the cluster of wallet reactivations cannot be confirmed at this stage.
According to Galaxy Research, six long-dormant Bitcoin wallets dating from 2011 to 2014 sent funds between Aug. 16 and Aug. 26, moving a combined 553.59 BTC worth about $40.15 million based on prices at the time of transfer.
Several long-inactive wallets became active within 10 days
All six wallets had been dormant for more than a decade. The oldest had been inactive since June 2011, or 15.1 years, and transferred 8.54 BTC.
Another wallet dormant for 14 years moved 212 BTC, worth about $13.66 million. The latest transfer involved 40 BTC sent from a wallet inactive for 14.2 years, with the destination address labeled as Germany-based crypto custody institution Boerse Stuttgart Digital.
Two wallets were tagged in connection with a New York case
Galaxy Research said two of the wallets carried the label "Salomon Client Dusted." The tag is tied to the New York "John Doe" case, in which a claimant sought to claim 39,069 long-dormant Bitcoin addresses.
The reason for the coordinated reactivations remains unclear
Galaxy Research also said recent hardware wallet security incidents may have led some long-term holders to move assets. Even so, the firm said there is no confirmation yet on the specific reason these wallets woke up in close succession.
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