Crypto Crash: 11-Year-Old Bitcoin Worth $60 Million Found Amid Crypto Market Meltdown
- Mysterious bitcoins created 11 years ago started moving last week as the industry faced a fatal crash
- About 3,500 BTC stashed in seven different addresses started the movement to another wallet
- The wallets were created when Bitcoin sold for just $4 on October 7, 201, and was never spent
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As the world woke up to the crash of FTX, a crypto exchange platform based in the Bahamas, about 3,500 dormant bitcoins from a wallet created on October 7, 2011, moved for the first in over 11 years.
A huge string of dormant bitcoins moved on Friday, November 11, 2022, after being idle for over a decade.
Source: Getty Images
The bitcoins moved in batched
The more than 3,000 bitcoins are estimated at over $60 million and came from seven different BTC addresses formed on October 7, 2011.
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According to Bitcoin.com, it is the first large string of dormant bitcoins to wake up in months.
Reports say Btcparser.com saw them, and the owner of the addresses did not spend any of them or the cash coming from their sales or bitcoins (BSV) tokens.
The website said that 500 bitcoins from the batch of 3,500 came from the address 1roet and were established at the block height of 762.676.
The address for the BTC 1uNd also saw another 500 bitcoin transfer was also established at a block height of 762.676. And another 500 BTC from 14x5C was established at block height of 762.676 like 1Es8, 1Hfpr and 1JziG.
Immediately after the owner moved them, another 500 BTC from another address was confirmed to have also moved.
The bitcoins created during time of dip
All the addresses from the 3,500 stash were created about 11 years ago, on October 7, 2011.
Bitcoin was trading for just $4 per unit and closed at $3.27 per unit on October 31, 2011.
At the time of their creation, the entire 3,500 bitcoins were worth just #14,000.
It is still being determined why the owner of the bitcoins could not spend them for 11 years. They were not sold despite moving but were moved to another wallet and remained in one address.
Apart from the moving bitcoins, about 50 others from a wallet created on May 21, 20210, also moved for the first time in over 10 years. The owners should have spent them.
Nigerian crypto big boy offers to compensate traders with N221 million
Legit.ng reported that following the liquidation of thousands of crypto traders, a Nigerian trader, Gaius Chibueze, has volunteered to donate $500,000 to offset investors' losses on FTX.
This Bahamian cryptocurrency exchange collapsed on Wednesday, November 9, 2021. Chibueze, in a tweet, stated that the crypto industry needed to rally behind FTX and support with the required funds to bounce back.
According to him, what the exchange needed to sort out the issue and save the crypto industry from the imminent collapse was just $8 billion.
Source: Legit.ng
