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The Coin Rise 2025-07-05 11:10:27

Coinbase’s Conor Grogan Flags Possible Hack in $8.6B Bitcoin Move

Coinbase’s head of product, Conor Grogan, has suggested there is a slight chance that the $8.6 billion worth of Bitcoin moved on Thursday from wallets dormant for over 14 years may have been the result of a hack. If proven true, Grogan noted, it could mark the largest heist in history . “If true (again, I’m speculating on straws here), this would be by far the largest heist in human history,” Grogan stated in a post on X on Friday, reflecting on the unusual transfer of BTC from eight separate wallets that had not been touched since 2011. Suspicious BCH Transaction Raises Questions Grogan pointed out a suspicious Bitcoin Cash (BCH) transaction that occurred just before the massive BTC movement, describing it as an unusual test transfer from one of the whale wallets involved. “There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys,” he explained. According to Grogan, the BCH test transaction took place 14 hours before the Bitcoin began moving in large chunks of 10,000 BTC at a time, raising concerns that the wallet owner may have been quietly testing private key access. While using Bitcoin Cash to test a key without drawing attention is plausible, Grogan noted it was odd that other BCH wallets linked to the entity were left untouched. “What makes me say this is the other BCH wallets have not been touched at all; why wouldn’t they also sweep these?” he questioned. Bitcoin Now Parked in New Wallets On the same day, blockchain intelligence firm Arkham confirmed that a single entity moved the $8.6 billion worth of BTC from eight different wallets into eight new wallets, where the funds remain unmoved. Arkham noted that the Bitcoin had originally been transferred into the initial wallets on either April 2 or May 4, 2011, and had stayed dormant for more than 14 years before this sudden activity. Despite the massive movement of funds, Bitcoin’s price remained relatively stable , slipping 0.5% in the past 24 hours and trading above $108,000 at the time of publication, according to CoinMarketCap data . While the exact reason for the transfer remains unclear, the crypto community is closely monitoring these wallets, as questions linger over whether the world has just witnessed the quiet execution of the largest crypto theft in history — or a whale simply moving their fortune after more than a decade of silence. The post Coinbase’s Conor Grogan Flags Possible Hack in $8.6B Bitcoin Move appeared first on TheCoinrise.com .

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