Bitcoin Hack Rumors Swirl After $8.6B Transfer From Dormant Wallets

Billions in long-dormant Bitcoin were mysteriously moved today, sparking speculation of a potential private key hack. Conor Grogan, director at Coinbase, suggested there’s a small chance this could be the result of a security breach, possibly making it the largest crypto theft in history.

According to Grogan, the movement may have been preceded by a test transaction on Bitcoin Cash (BCH), which shares private keys with corresponding BTC wallets. This low-profile move could have allowed the attacker to verify access without drawing attention, as the BCH blockchain is less monitored. Notably, several other BCH-linked wallets were left untouched, raising further questions.

Blockchain analytics firm Arkham Intelligence confirmed that $8.6 billion worth of Bitcoin—untouched for 14 years—was moved across eight addresses. The scale and age of the coins have intensified speculation. Interestingly, the transactions were executed manually, ruling out the possibility of automated exchange transfers and making institutional involvement unlikely.

Grogan emphasized that he is “speculating on straws,” noting that there’s only a small probability that a hack occurred. However, if proven true, it could mark the largest cryptocurrency theft ever recorded.

The coins have not yet been moved from the newly activated addresses, leaving the crypto community on high alert. The unusual nature of the transactions—massive size, long dormancy, and manual transfers—suggests this is more than a standard whale cash-out.

Bitcoin’s price and security narratives are once again under scrutiny, as on-chain analysts and investors closely monitor the situation. Whether this was a strategic move by a long-silent whale or a groundbreaking breach remains to be seen.