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Bitcoin Transferred in Record Transaction: Coinbase Exec Speculates on Possible Hack

Recent news from Coinbase has brought attention to an extraordinary $8.6 billion Bitcoin transaction that occurred last Thursday.

The transfer involved a single whale who had held the Bitcoin across eight wallets for over a decade.

Conor Grogan, Coinbase’s head of product, indicated that there is a “small possibility” this substantial transfer could be linked to a hack.

If true, this incident could represent one of the largest thefts in history, overshadowing previous heists.

Grogan noted a suspicious Bitcoin Cash transaction occurred just before the Bitcoin transfer, suggesting potential key compromise.

He speculated that the wallet owner might have been testing their private key, as Bitcoin Cash transactions are less monitored.

Blockchain intelligence firm Arkham confirmed that a single entity was responsible for the transfer, which had remained untouched since 2011.

The Bitcoin has since been moved to eight new wallets, which have not seen any further transactions.

Despite the massive transfer, Bitcoin’s price has remained stable, trading at approximately $108,150.

As the situation develops, the crypto community watches closely, balancing excitement with caution regarding the implications of such a large movement.