Whale Wallet Activates
Whale Alert, a service that posts activity from wallets with large holdings, reported on Sunday that a dormant bitcoin wallet had reactivated. This wallet contained a total of 235 BTC, amounting to $11,114,901. The wallet had not seen any activity for 9.1 years and was reactivated in 2021. The wallet had moved a total of 100 BTC in a $4.7 million transaction.
💤 A dormant address containing 235 (11,114,901 USD) has just been activated after 9.1 years! — Whale Alert (@whale_alert)
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The wallet which had sat for almost a decade without any activity had promptly gone on to carry out multiple transactions. In the next couple of hours, the wallet holder performed a couple of transactions that emptied out the balance of the wallet into another wallet and the balance now sits at zero.BTC slumps ahead of market opening | Source:
How Do Bitcoin Wallets Go Dormant?
There are a number of reasons why a bitcoin wallet would go dormant. One of those is in the event of the wallet holder losing the keys to the wallet. This can happen when a holder forgets that they have bitcoin or may be stored the keys somewhere they can no longer access it. It could take a while for a wallet holder to recover their keys and access said wallet.Related Reading | Millennial Millionaires Are The Most Bullish On Crypto, Survey Finds
Featured image from Nairametrics, chart from TradingView.com