- An anonymous Bitcoin user transferred $1.17 million in BTC to the genesis wallet, the first ever created by Satoshi Nakamoto. The funds originated from Binance and were moved through several wallets before the final transfer.
- There is speculation on the sender’s identity, with theories ranging from Nakamoto himself to someone doing a marketing stunt. Conor Grogan of Coinbase proposed it may be related to an upcoming Bitcoin spot ETF.
- The genesis wallet was created by Nakamoto and held 50 BTC from mining in 2010. For Bitcoin’s 14th birthday users sent gifts, raising the balance to 72. This surprise $1.17 million transaction has now increased the wallet’s balance to around $43 million.
On January 5, 2024, an anonymous Bitcoin user transferred 26.9 BTC (worth $1.17 million) to the Genesis Wallet – the very first wallet on the Bitcoin network created by Satoshi Nakamoto, Bitcoin’s pseudonymous creator.
Mysterious Origins of the Transaction
The funds originated from a wallet associated with Binance, according to blockchain analytics platform Arkham Intelligence. The Bitcoin was first moved from three wallets into 12 others before finally being sent to the genesis wallet.
The transaction occurred at 1:52 am Eastern Time and included an unusually high miner fee of 0.1 BTC.
Speculation on the Sender’s Identity
Conor Grogan, a director at Coinbase, speculated on Twitter that the transaction could be Nakamoto moving funds from Binance, or someone burning over $1 million as a stunt.
Grogan also proposed it may be part of a marketing campaign for a spot Bitcoin exchange-traded fund (ETF).
The Genesis Wallet’s History
The genesis wallet held the 50 Bitcoin that were mined when Nakamoto disappeared in December 2010. Nakamoto likely still holds the private keys and could control the funds.
On Bitcoin’s 14th birthday, users sent BTC to the genesis address as gifts, increasing its balance to 72 Bitcoin. This recent $1.17 million transaction has now raised the wallet’s balance to 9,967 BTC, valued around $43 million.