Ripple CTO reveals Satoshi Hack Theories after $8.6 billion BTC transfer

The mysterious series of Bitcoin transactions sparked a new fear that a wallet belonging to the creator of Bitcoin may have compromised. The message was sent via Op_return on July 1st. This is a feature used to store messages on the Bitcoin blockchain.

The most surprising part is that these messages were embedded in transactions from legacy wallet addresses, claiming ownership of their content and raising concerns about security flaws in the early Bitcoin infrastructure.

Interestingly, the transaction contained an older style of P2PKH address that was widely used in the early days of Bitcoin. This particular detail sparked a wave of speculation, thinking that the legendary Satoshi wallet, which is estimated to carry nearly a million BTC, had finally cracked.

Whales move $8.6 billion instead of selling

A few days later, about 80,000 btc (approximately $8.6 billion) moved from these dormant wallets to a new modern segment wit address. The owner remains unknown, but the eight dormant Bitcoin wallets likely belong to one early miner. Their 14 years of inactivity could be long-term retention, a previously lost key recovered, or simply waiting for the right time to act.

Analysts on the chain of Arkham and Leisure CTO Charles Guillemett discovered that this is likely a security upgrade for the wallet. The lack of transfer to exchange suggests that it was not caused by intention to sell price.

Ripple CTO weight

However, Ripple CTO David Schwartz got heavier to calm his panic down. He suggested that someone would likely use the old, abandoned wallet or perhaps to use these messages to move funds as front. There is no evidence that Bitcoin’s core crypto has been compromised, and nothing directly refers to Satoshi’s wallet being accessed.

While neither theory confirms a direct violation of Bitcoin encryption, both raise questions about the security of legacy wallets. And, Schwartz ruled out nothing, but revealed that the idea that Satoshi’s wallet is hacked is speculative at best.

For now, Satoshi’s known wallets remain untouched and no validated hacks have occurred. The message has sparked a mystery, but the idea of a major violation remains speculative at best.