Ten-year-old Dormant Bitcoin Address Becomes Active With $40 Million Gain
In a surprising plot twist, a dormant Bitcoin address was activated after a $40 million sale. According to on-chain data posted on X, the account was inert for over ten years after its last transaction on Jan 12, 2014, when it received 687.33 $BTC.
Address Recieved 687 Bitcoin
At the time the wallet received the crypto, Bitcoin was worth $917, so the total amount the wallet received (687.33 $BTC) was worth $630K then. However, fast-forward to 2024, and the unknown trader has made x63 times more than its previous gain back in 2014.
A wallet that has been dormant for 10.3 years transferred all 687.33 $BTC($43.94M) out 10 mins ago.
The whale received 687.33 $BTC($630K at that time) on Jan 12, 2014, when the price was $917.
Address: 15WZNLACuvcDrrBL2btDErJggnaMQtHh5G pic.twitter.com/tEPqM0CrrK
— Lookonchain (@lookonchain) May 6, 2024
Some hours ago, the wallet user sold off all its 687.33 $BTC and made about $43.94M at the time of writing. There is no apparent reason for the wallet user’s sudden and complete selloff of their bitcoin holdings, especially given the account’s prolonged inactivity over the past decade. However, facts remain that holding cryptocurrencies can lead to a sudden wealth boom for traders.
Crypto Traders Who Hit The Jackpot
With its unpredictable volatility, crypto can instantly turn profits into losses. However, for some fortunate crypto traders, the reverse can be the case.
For instance, last month, a memecoin trader made a $10 million gain in just 24 hours after buying $GUMMY at $9,775 before it went live. The gain was so huge that it stirred up controversy in the crypto space, with many wondering how the memecoin trader could make such a profitable sale. Top analysts even alleged it was an insider trade or leak.
Another big sale happened a day after that when a MANEKI mystery trader became an instant millionaire with a single trade. The unidentified trader invested $110K in buying the token and made a whopping $8.72M in just three hours of trading.
Even recently, a Sniper bought $cool token at $1 and made a profit of $250k in just a few minutes. With a single sale, the sniper multiplied its initial deposit of $1 by $250000x. The sale, like every other rapid and significant profit boom, also caused a stir in the space, with other snipers and traders saying that it was an insider trade.
