Dormant Bitcoin Wallets From 2010 Resurface: 100 Bitcoins Transferred After More Than 12 Years

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Following the spending of 50 bitcoins from 2010 on June 15, after more than 12 years of dormancy, approximately 11 days later, another group of dormant wallets created in 2010 transferred 100 bitcoins worth just over $3 million for the first time in well over a decade.

2023 Records 8 Block Rewards From 2010 Spent, 2 Occured on Monday, June 26

So far this year, a total of eight block rewards from the 2010 era have been transferred out of wallets for the first time in more than 12 years. Two of them occurred on Monday, June 26, 2023, after the blockchain parser Btcparser.com detected the movements. Both block rewards were obtained on July 12, 2010, suggesting that the two block subsidies were owned by the same individual.

The first transaction was confirmed at block height 795,936, and the owner sent 49 BTC to a single address, while the remaining 0.99 BTC was transferred to another address. Both of those wallets remain idle and have not spent the bitcoin. The second transfer was confirmed at block height 795,940 hours later, and these funds were all sent to a single address currently holding 49.99 BTC.

Furthermore, the corresponding bitcoin cash (BCH) associated with the old coins has not been transferred, and the BCH remains idle. Interestingly, the first transfer of 50 BTC had very little privacy and scored a 10 out of 100 due to three identifiable issues. With a low privacy score, Blockchair.com details that “the identified issues are severely jeopardizing the privacy of the parties involved.”

In contrast, the second transaction from 2010 used significantly more privacy, as Blockchair’s privacy tool gave it a score of 55 out of 100, which is considered “moderate” for privacy since only one issue was discovered. Essentially, the privacy tool found that the funds were swept from a legacy address to a Segregated Witness (Segwit) address. Blockchair explains that “the identified issues are not that severe but can still be used by tracking tools to trace transactions.”

While there have been eight 2010 block rewards spent in 2023, these are significantly fewer compared to the spending observed during the latter half of 2020 and into 2021. For instance, between January 1, 2021, and September 28, 2021, a total of 152 block rewards from 2010 were transferred. Last year’s and this year’s records indicate that sightings of 2010 block reward spends are becoming increasingly scarce.

What do you think is behind the recent sightings of long-dormant bitcoin wallets being activated after years of inactivity? Share your thoughts and opinions about this subject in the comments section below.