Conor Grogan, head of the product in Coinbase, is of the opinion that there is a “small possibility” that the transfer of $ 8.6 billion to Bitcoin (BTC) was a hack on July 4. Call his claim “Extreme Speculation” in an X after On Friday Grogan said he found the transaction movements ‘extremely strange’. He added:
“If it is true (again, I speculate here on straws), this would be by far the biggest robbery in human history.”
The transfer of 80,000 BTC
On Friday, eight BTC portfolios that had been in sleep for 14 years had been over a total of 80,000 BTC, worth around $ 8.6 billion, according to For Analytics platform Arkham Intelligence in Blockchain. The enormous scale of the transactions exceeded Montenegro’s gross domestic product (GDP), a small country nestled in Southeast -Europe that is 147th in terms of GDP.
The BTC was moved to the original portfolios on 2 April or 4 May 2011, Arkham Intelligence noticed/ it added that the transactions had been carried out by a ‘single entity’.
The transactions started with the transfer of 40,000 BTC from a sleeping wallet, followed by four transactions of 10,000 BTC each over a total of 10 hours. The Bitcoins have not been sold or further transferred since the five transactions – the BTC is currently being held in eight new portfolios.
Sani, a Bitcoin -Maximalist and founder of Timechain Index, believe That the transferred 80,000 BTC to Roger Verse belongs, also known as ‘Bitcoin Jesus’. Ver, an early Bitcoin investor, was arrested in Spain last year on American accusations of tax fraud. It is said that he owes the Internal Revenue Service (IRS) at least $ 48 million in taxes, according to to the Ministry of Justice (DOJ).
Respond to an X user, Sani noted That the transfers can be an indication that has reached a deal with the IRS far and that there can be a settlement in the pipeline.
Grogan’s hack theory
Grogan pointed to a Bitcoin -money (BCH) test transaction That preceded the Bitcoin transfers as potential proof of cheat. The entity that transferred the 80,000 Bitcoins transferred 10,000 BCH, worth almost $ 5 million, and back to one of the original portfolios one hour before the transfer of the BTCs began.
Grogan said there is a possibility that the owner of the portfolios tried to discreetly test the private key without attracting attention with the BCH transaction test. This is because BCH transactions are not closely followed by platforms that follow whale portfolios, he said. Grogan, however, wrote:
‘Why am I saying this [BTC transfers were a hack] The other BCH portfolios are not touched at all; Why wouldn’t they wipe these either? “
He added that he does not believe that the transactions were carried out by a grant because of the BCH test transaction, and because the BTC transactions were carried out manually.
Many do not agree with Grogan’s hacking theory
Although some X users easily agreed with Grogan’s reasoning, others have excluded the possibility that the BTC transactions were the result of a hack. Sani for example, said He does not think that the transactions were involved a hack while they respond to a user who refers to Grogan’s message.
A former PulSechain developer who goes ‘Bretep’ on X explained That it is practically impossible to hack a specific private key from Bitcoin with the help of a current technology. The chance is even one in more than 115 quattuorvigintillion (75 zeros) – A person will be hit by lightning every day by lightning for 10,000 years, he explained, adding to it:
“Security is not only strong-it is mathematically absurd to even try with a conceivable technology. With Quantum Computing it takes an estimated 30-40 years, but that is just theoretical at the moment.”
An X user who goes ‘Bizzy’ pointed to the logical error in the conclusion of Grogan. He stated That a scammer would not have transferred the BCH -Tokens before the BTC transactions, because he had “removed the owner”.
In addition, Barthazian.eth, a pseudonymous X user, claimed That the BCH transaction that Grogan has noticed as suspicious was a handshake transaction, which is common in cases of large freely available transactions.
In addition, Optimism -employee and former Coinbase product manager Binji did not notice that the slow pace of the implementation of the BTC transactions does not indicate a hack. He written:
“Given how slowly it sends, it is difficult to be convinced that it is a hack, I would imagine that they would be a little faster with moving these funds.”