Bitcoin: Dormant wallets move $33 million after 12 years

Two Bitcoin wallets that had been dormant for over 12 years recently moved approximately 417 BTC, valued at roughly $33.85 million. The transactions involved moving long-held coins between addresses rather than sending them to an exchange, meaning it is unclear if the owner intends to sell.

One wallet, which was first funded in September 2013 when Bitcoin was trading near $130, moved 411.45 BTC to a new, unlabeled address. Galaxy Research identified this specific address as one of nearly 40,000 dormant wallets named in a New York lawsuit. The lawsuit, filed by a pseudonymous plaintiff known as ‘Noah Doe’ and two Wyoming companies, argues that such dormant wallets should be classified as abandoned property under state law.

Data from Arkham and Lookonchain indicate that while the coins have moved, they have not yet been transferred to an exchange, which typically precedes a sale. The movement represents a massive paper gain, as the original investment in the 2013-era coins was estimated at approximately $54,000.