U.Today – An address containing 140 BTC, currently worth over $8 million, has resurfaced after a decade of inactivity, according to blockchain tracker Whale Alert. The address, dubbed “1BLoHu,” first received 140 BTC in 2013, when it was worth about $107,000.
As mentioned, the 11-year-old transaction originated from another address, “1aWmn,” which also had a remaining balance of 180 BTC. While 140 BTC was transferred to “1BLoHu,” public records show that another 40 BTC was transferred to Okcoin.
Today, the latest activity was that “1aWmn” transferred the dormant 140 BTC from “1BLoHu” to a new address, “bc1q66.” The identity of “bc1q66” and the intended use of the transferred funds remain unknown, fueling speculation within the community.
This sudden movement of a significant amount of Bitcoin after such a long period of time has given rise to various theories. Some speculate that the original owner may be cashing in on the substantial appreciation of his investment, which is worth $8 million to be exact.
Others theorize that it could be a wealth redistribution strategy or a security measure in response to advances in blockchain analysis techniques.
This is because the change from the traditional “1” address format to the more modern “bc1” format is seen as a step towards greater security and efficiency. The “bc1” format, also known as Bech32, offers advantages such as better error detection and a more user-friendly structure, which could be the reasons for the change.
This article was originally published on U.Today
