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Conor Grogan, the product lead at Coinbase, has expressed concerns regarding a possible security breach involving $8.6 billion in Bitcoin that was transferred from long-inactive wallets on Thursday.
Key Takeaways:
- Conor Grogan from Coinbase highlighted a potential hack following the movement of $8.6B in long-dormant Bitcoin.
- A questionable Bitcoin Cash transaction occurring just prior to the BTC transfers heightened suspicions.
- There is some speculation that the wallets may be associated with Roger Ver.
“There is a slight chance that the $8B in BTC that recently became active were hacked or that private keys were compromised,” Grogan stated on X on Friday.
The Bitcoin originated from eight wallets that had remained inactive for over 14 years.
Bitcoin Cash Transaction Raises Suspicions Ahead of $8B BTC Transfer
Grogan pointed out an atypical transaction involving Bitcoin Cash (BCH) that occurred mere hours before the significant Bitcoin transfers.
He observed a single BCH test transaction from one of the whale clusters, followed by substantial transfers of 10,000 BTC each shortly thereafter.
“What leads me to this conclusion is that the other BCH wallets have remained untouched; why wouldn’t they also execute these sweeps?” Grogan remarked, implying that this behavior could suggest compromised keys rather than actions by the owner.
Blockchain analytics firm Arkham later verified that a single entity was responsible for the transfers, moving the entire $8.6 billion in BTC from eight wallets that had received the Bitcoin back in April or May 2011.
A single entity moved $8.6 BILLION of BTC from 8 addresses in the past day.
All of the Bitcoin was moved into the original wallets on either 2nd April or 4th May 2011 and has been held for over 14 years.
Currently, the Bitcoin is sitting in 8 new addresses and has not been… pic.twitter.com/nm53tVRzLJ— Arkham (@arkham) July 4, 2025
The assets, which had not been touched for more than 14 years, have now been consolidated into eight new wallets, according to Arkham, and have not been moved since the transactions on Thursday.
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Meanwhile, 10x Research has noted that there is speculation suggesting these wallets could belong to Roger Ver, an early Bitcoin advocate known as “Bitcoin Jesus.”
Ver was released on bail from a Spanish prison on June 5, and the reactivated coins were last transferred in May 2011, shortly after Ver reportedly began acquiring Bitcoin in February 2011.
If accurate, the wallets could signify billions of dollars under Ver’s control.
Speculation that the $8.6B in Dormant Bitcoin Just Moved are from Roger Ver. He was released on bail from Spanish prison on June 5 and those Bitcoins last moved in May 2011 while Roger got into Bitcoin in February 2011. He will certainly have billions of dollars worth of…
— 10x Research (@10x_Research) July 5, 2025
Despite the speculation surrounding a potential hack, Bitcoin’s price has remained stable, decreasing by 1% in the last 24 hours and trading at approximately $108,150 as of the time of publication, according to CoinMarketCap data.
Crypto Hacks, Scams Cost Investors $2.2B in H1 2025: CertiK
Crypto investors experienced losses exceeding $2.2 billion due to hacks, scams, and breaches in the first half of 2025, primarily driven by wallet compromises and phishing attacks, as reported by CertiK’s latest security analysis.
Wallet breaches alone resulted in $1.7 billion in losses across just 34 incidents, while phishing scams accounted for over $410 million across 132 attacks.
Two significant incidents, including Bybit’s $1.5 billion hack in February and Cetus Protocol’s $225 million exploit in May, significantly inflated the year’s losses, together totaling nearly $1.78 billion.
Excluding these incidents, losses align more closely with previous years at around $690 million.
Ethereum remained the primary target, suffering over $1.6 billion in losses across 175 events.
The report also highlighted the increasing sophistication of phishing schemes and ongoing risks from social engineering, advising crypto users to verify links, avoid suspicious websites, and utilize hardware wallets.
The post $8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan appeared first on Cryptonews.
