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50 BTC worth $500,000 mined in 2010 moved to Bitfinex similar to May this year!

Photo of: Janeth Diamond
by Janeth Diamond

Something peculiar happened on the popular Cryptocurrency exchange Bitfinex. Bitcoin, that was mined back in the year 2010, a good ten years ago. Bitcoin worth $500,000 was apparently moved to Bitfinex’s hot wallet a few days ago. Now, had it been like any regular transaction, it would not raise any eyes of suspicion, but the mysterious part comes in because the BTC was mined in May 2010! Ever since that day till it was transported to the hot wallet, it remains untouched. At the same time, Satoshi Nakamoto, Bitcoin’s pseudonymous creator, was still active.

On October 1’st, 2020, someone actually sent 50 BTC which is currently worth a little over $500,000. An ordinary transaction to many, but thanks to the decentralized frameworks available, it could be seen that the address engaged only in its second transaction which was this transfer to the hot wallet. The first one took place all the way back in 2010 on May 25th and it was a block reward. This means that ten years ago the address got 50 BTC back then for mining a block on Bitcoin’s network and that laid there ever since!

Bitcoin’s pseudonymous creator Satoshi Nakomoto’s last activity was also recorded active in December 2010 last. Back then in 2010, the value of BTC was virtually nothing meaning possessing 50 BTC 10 years ago wasn’t very encouraging. But ten years have been worth the wait with its value swelled up to $500,000. Now, this is not the first time Bitcoins from old addresses were sent to the exchange. This year in May someone had sent 50 BTC mined back in 2009 to an unknown wallet. 

Official data from Blockchair revealed that 50 Bitcoins mined way back in 2009 were transferred to an unknown address in May 2020. The transaction took place in May and included block 631058. The sending address had only two transactions carried out similar on the lines of what happened a few days ago. One is this transfer and the previous in 2009 when the block reward of 50 BTC was transferred. Similar in patterns, but different years do bring in some aspects of a surprise considering they have some commonalities. 

The most exciting common point between the both is that the 50 BTC has been dormant for more than 10 years in both cases. The address containing these has not indulged in any kind of transfers after that and only this year both these addresses moved the coins.

But community members are speculating and fearing at the same time. Speculating that the unloading of the tokens is done by Satoshi and fearing a price decrease because more of such unloading could take place. Their fears are valid and speculation also considering Satoshi’s last activity also was the same year

But, according to the CEO of Binance, Changpeng Zhao, such is not the case. In a tweet he commented:

Source: Twitter

“Last time (5 months ago), this was correlated with a 7% drop. This one, nothing. Correlation does not prove causation, lol.”