The address, which has not been used for eleven years, reportedly moved 412 BTC, or almost $9.6 million, to another address.
Perkshield reported that the “dormant $BTC address 1MMXRA (which has been idle for 11 years) has moved 412 BTC ($9.6M) out (Credit to BlockBeatsAsia)”.
Notably, the 412 BTC was only worth $8 up until October 1st, 2012, when it was last active, indicating that at the time of transfer, its value had increased by 120,000,000%.
A wallet that was allegedly controlled by the defunct cryptocurrency exchange BTC-e sprang to life in November 2022, sending a total of 10,000 bitcoins—worth roughly $165 million—to various organizations. Seven dormant bitcoin wallets that had each held 500 BTC for roughly 11 years sprang to life in the same month and transferred 3500 BTC to new addresses.
A third party with 32,000 Bitcoins transferred its coins for the first time since 2018 in October after purchasing them at an average cost of $3,900.
However, the activation of old wallets frequently sparks excitement among cryptocurrency aficionados, with some guessing that the entities could have been arrested or lost their keys. Whalemap, a monitoring tool, claims that the reawakening of dormant wallets often signifies an OTC deal, indicating that someone is ready to acquire those bitcoins right now.
Notably, this activation raises the probability that they originate from Satoshi Nakamoto, the person who created Bitcoin anonymously and whose identity and whereabouts are still a mystery. The crypto world has conjectured for years that Satoshi may be in possession of hundreds of thousands of Bitcoin.
Although the exact number of coins Satoshi had is unknown, analysts such as seasoned cryptocurrency security expert Sergio Demian Lerner have calculated that Satoshi’s wealth is about 1 million Bitcoins.