$8.6B Bitcoin Transfer Sparks Fears of Huge Hack: Coinbase’s Conor Grogan

Conor Grogan, head of product at Coinbase, has raised alarms over a possible safety breach involving $8.6 billion price of Bitcoin moved from long-dormant wallets on Thursday.

Key Takeaways:

• Coinbase’s Conor Grogan flagged a possible hack after $8.6B in long-dormant Bitcoin moved.
• A suspicious Bitcoin Money transaction simply earlier than the BTC transfers raised additional issues.
• Some hypothesis suggests the wallets might belong to Roger Ver.

“There’s a small chance that the $8B in BTC that not too long ago awakened have been hacked or compromised personal keys,” Grogan posted on X Friday.

The Bitcoin got here from eight wallets that had been dormant for greater than 14 years.

Bitcoin Money Transaction Raises Suspicions Forward of $8B BTC Switch

Grogan pointed to an uncommon transaction involving Bitcoin Money (BCH) made simply hours earlier than the huge Bitcoin actions.

He famous a single BCH take a look at transaction from one of many whale clusters, adopted by sweeping transfers of 10,000 BTC at a time shortly after.

“What makes me say that is the opposite BCH wallets haven’t been touched in any respect; why wouldn’t in addition they sweep these?” Grogan added, suggesting the habits might point out compromised keys quite than proprietor exercise.

Blockchain intelligence agency Arkham later confirmed {that a} single entity was behind the transfers, transferring all $8.6 billion in BTC from eight wallets that had obtained the Bitcoin again in April or Might 2011.

The belongings, untouched for greater than 14 years, have now been consolidated into eight new wallets, Arkham mentioned, and haven’t been moved for the reason that Thursday transactions.

In the meantime, 10x Analysis famous that hypothesis is swirling that these wallets might belong to Roger Ver, the early Bitcoin evangelist generally known as “Bitcoin Jesus.”

Ver was launched on bail from a Spanish jail on June 5, and the reactivated cash have been final moved in Might 2011, simply months after Ver reportedly started buying Bitcoin in February 2011.

If true, the wallets might characterize billions of {dollars} underneath Ver’s management.

Regardless of hypothesis over a possible hack, Bitcoin’s worth remained regular, down 1% within the final 24 hours and buying and selling at round $108,150 as of publication, based on CoinMarketCap knowledge.

Crypto Hacks, Scams Price Buyers $2.2B in H1 2025: CertiK

Crypto traders misplaced over $2.2 billion to hacks, scams, and breaches within the first half of 2025, pushed largely by pockets compromises and phishing assaults, based on CertiK’s newest safety report.

Pockets breaches alone brought on $1.7 billion in losses throughout simply 34 incidents, whereas phishing scams accounted for over $410 million throughout 132 assaults.

Two main incidents, together with Bybit’s $1.5 billion hack in February and Cetus Protocol’s $225 million exploit in Might, skewed the yr’s losses upward, collectively accounting for practically $1.78 billion.

With out these, losses align extra carefully with earlier years at round $690 million.

Ethereum remained the first goal, struggling over $1.6 billion in losses throughout 175 occasions.

The report additionally pointed to rising sophistication of phishing schemes and ongoing dangers from social engineering, urging crypto customers to confirm hyperlinks, keep away from suspicious websites, and use {hardware} wallets.

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