Bitcoin’s First Wallet Unexpectedly Receives $1.17 Million

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Last Updated on January 7, 2024 by Bitfinsider

An anonymous Bitcoin user sent 26.9 Bitcoin, valued at $1.17 million, to the genesis wallet, which was established by the anonymous founder of the cryptocurrency, Satoshi Nakamoto, and was the first wallet on the network.

At 1:52 a.m. Eastern Time on January 5, a Bitcoin transaction took place. The money was transferred from a depleted wallet to the Genesis wallet, along with a $100 transaction fee—a significant increase over the standard amount.

Moving money from three wallets to twelve additional wallets was part of the wallet’s original funding. The majority of the money came from a Binance wallet on the blockchain analytics platform Arkham Intelligence.

Director at Coinbase Conor Grogan stated on X (formerly Twitter) that the transaction is either someone burning over $1 million or Nakamoto waking up and depositing Bitcoin from Binance.

Grogan added that the anonymous transfer might be a marketing ploy for an oddball Bitcoin exchange-traded fund.

From December 2010, until now, no money has been transferred from any of the wallets connected to Nakamoto, including the genesis wallet. Nakamoto might still be in charge of the money and keep the private keys to these wallets.

When Nakamoto disappeared, the 50 Bitcoin that had been mined were first stored in the Genesis wallet. Users of Bitcoin from all over the world celebrated the platform’s 14th birthday in different ways. Some chose to transfer Bitcoin to the address that held the rewards for mining the platform’s genesis block. By the end of 2023, the wallet had 72 Bitcoin thanks to the gifts.

The most recent transaction increased the amount to 99.67 Bitcoin, which is equivalent to around $4.3 million.

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