Almost $50 Million Worth of Bitcoin from 2011 Moved After 11 Years

On 29th, December 2021, two addresses that were opened in 2011 and comprising of 500 bitcoins each saw some movement for the first time in 10.5 years. 1,000 coins were transferred from the wallets. Likewise, Wednesday saw another wallet address from 2011 show some activity, as there was a movement of 40 bitcoins for the first time in more than a decade. The first address had been created on 10th July, 2011 at 11:22 p.m. (UTC) and had about 500 BTC. On the same day, another wallet had been created and it also had 500 bitcoins. Both of these values were transferred and were valued at $23 million each at the time of transfer.

In addition, another wallet that had been created on 12th August 2011 and contained 40 BTC, which was valued at $1.8 million, was also transferred for the first time. Bitcoin had been trading at a price of $47,500 at the time of the transfer and the aggregate value of the total Bitcoin from 2011 that was transferred on Wednesday stood at a total of $49 million. It is logical to assume that the 1,000 Bitcoins divided in two wallets belonged to one owner because both wallet addresses had been created on the same date and time. There is a possibility that the owner could have been the 40 BTC one because that account had been created a month later.

In December, there hasn’t been much spending on bitcoin other than the four previous transactions from 2011 that were made this month. On December 1st and December 14th, two coinbase rewards were spent. On December 11th, a wallet that had been created in 2011 also transferred 10 bitcoins and another wallet created in 2011 transferred moved 20 BTC on the same day. According to the privacy tool of blockchair.com, the bitcoin wallet sending 500 BTC had used a ‘moderate’ level of privacy for sending the funds, which got a score of 65. 


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During the sending, there were four issues that were discovered and this involved several types of addresses used, including matched addresses. According to data from Bitquery.io, one of the transfers that were made could have been tethered to a recognized Coinbase address. Likewise, the rating given to the other 500 bitcoin transfers was the same as the first one. The data from Bitquery.io indicates that the money had flowed into a Coinbase address. The privacy was lower in the case of the 40 BTC transfer and it was given a 45 ranking. 

Similar to the other transfer of bitcoins from 2011, the outgoing transaction had been tethered to matched addresses. Statistics show that there is another address on Coinbase, which is connected to the money flow of the wallet. On Wednesday, the 1040 BTC sent used the same pattern as that of the old coins that had been transferred in 2021. There is a possibility that exchanges may desire old coins. The existence of these old bitcoins could be helpful in purifying the new ones that may have dark tones. 


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