Bitcoin Whales Are Stirring After Years of Slumber as BTC Nears $70K

A deep-pocketed investor owning a long-dormant Bitcoin wallet just moved 1,000 BTC after nearly a dozen years of inactivity.

A deep-pocketed investor has moved 1,000 Bitcoin for the first time in nearly a dozen years.

According to crypto tracker Whale Alert, the ancient wallet on Sunday sent 998.73 BTC to one address and 1.263 BTC to another.

The whale initially acquired the 1,000 Bitcoin stack in September 2012, when the total was valued at just $12,223, according to BitInfoCharts.

With BTC trading at $64,682 at time of writing, that trove is now valued at over $64.7 million, a astronomical gain of almost 530,000%.

The long-dormant wallet spotted by Whale Alert has received very small amounts of Bitcoin a few times over the last 12 years, although those transactions are likely the result of dusting attacks.

Dusting attacks occur when hackers or scammers send tiny amounts of cryptocurrency (dust) to a large number of personal wallets in an effort to compromise the wallet holders’ privacy.

The scammers then attempt to track the transactional activity of targeted wallets to identify the individuals or companies behind them. Once the wallet’s owner is unmasked, threat actors can employ a variety of tactics to victimize the person including cyber-extortion and phishing scams.

Sunday’s transaction isn’t the only recent activity from ancient whales. Last Friday, a crypto wallet containing 25 BTC valued at $1.43 million was activated after over 10 years of slumber.

And on July 9th, Whale Alert spotted a wallet containing 24 BTC valued at $1.44 million being activated after more than 11 years of dormancy.

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