A cryptocurrency trader has flagged over 1,000 BTC that has been moved from various wallets that were mined in 2010 and have lain dormant for a decade.
Kirill Kretov, a software developer and cryptocurrency trader working for LAZGroup in Switzerland, identified and shared the finding in a LinkedIn post on 11 October that was originally reported by Decrypt.
The Daily Chain reached out to Kretov to delve deeper into the movement of this large amount of Bitcoin that was mined back in 2010, when Bitcoin’s pseudonymous creator Satoshi Nakamoto was still an active member of the community.
According to Kretov there were a total of 20 wallets each containing 50 BTC that had been originally mined in 2010, describing them as ‘impressive 10 years old addresses that have never been touched’ in his correspondence with The Daily Chain.
The trader and developer said that his team at LAZGroup has kept a keen eye on a number of different wallets and big transactions on the Bitcoin blockchain, allowing them to flag interesting movements of BTC.
“My team created a powerful blockchain parser that monitors a list of wallets and major transactions. In this list we have most of the “virgin” addresses (those that never made any outgoing transfer) meaning that there is no proof someone really owns them and their private key isn’t lost forever. In other words we monitor all wallets from Satoshi-era. As soon as transactions appear on chain, we receive a notification and take necessary actions (informing our clients and sometimes making posts on LinkedIn),” Kretov explained.
With the infrastructure in place to flag ‘Satoshi-era’ wallet activity and BTC movements, Kretov was able to identify and share the details of this latest sequence of transactions which can be viewed on Blockchain.com’s explorer.
Similarities to March 2020 Satoshi-era BTC movement
Having identified and followed the long string of transactions from these 2010-era wallets, Kretov also made some intriguing insights between this movement of BTC and transactions that took place earlier this year.
Firstly Kretov broke down the movement of the total 1000 BTC on October 11. The user moved 50 BTC from 20 different wallets to one single address, 35DRQxCBMBe3Erbcue791t89JVB2VwsJi4.
The BTC was then split into 81 different wallet addresses, with 80 addresses receiving 10BTC and one wallet receiving 200 BTC.
In a follow-up post on LinkedIn, Kretov suggested that this trail of transactions may have been conducted by the same user that moved ‘Satoshi-era’ Bitcoin back in March 2020 given the similarities between the transactions and how the BTC holdings were subsequently broken up.
The March 2020 transactions also saw 1000 BTC transferred, which were first collated on a P2SH address, 3CU4AYJH23ePNnKsycinP5TSogCNGsyqCc. This was then followed by the BTC being split between multiple BECH32 addresses.
In both instances there were wallets that received a single transaction of 200 BTC which Kretov suggested could be more than just coincidence.
10BTC donation made to Free Software Foundation, but wider motives still unclear
Kretov conceded that the community can only speculate as to why this Satoshi-era Bitcoin has been moved and who is responsible for the transactions.
The user could have been carrying out some pre-planned movement of the BTC holdings but Kretov still believes there is a possibility that the movement is linked to the one in March.
The motive behind the movement of this large amount of Bitcoin is conjecture as well.
“I repeat, the transaction looks very similar to one that took place in March. And it might be totally independent, but that transaction has followed by a huge price drop (almost 50%),” Kretov said.
What isn’t conjecture is the fact that the holder of this Bitcoin made a donation of 10 BTC to the Free Software Foundation – which can be viewed through the following transaction ID:
The 10 BTC was sent to the following address, 1PC9aZC4hNX2rmmrt7uHTfYAS3hRbph4UN, which is listed as the donation address for beneficiaries looking to make donations using Bitcoin.