Significant movement detected amidst ongoing hardware wallet security concerns.
A long-dormant bitcoin wallet, identified as 18TExP, initiated a transaction moving 500 BTC, equivalent to approximately $31.3 million, on Monday. The movement occurred in the context of an unfolding security crisis affecting Coldcard, a widely used Bitcoin-only hardware wallet. Several other inactive coins have also been moved across the blockchain during this period.
Lookonchain, a blockchain sleuth responsible for tracking transactions, first reported the activity. The tracker flagged the movement as part of its continuous monitoring of on-chain data. Whale Alert corroborated the transaction details via their own on-chain tracking service. This highlights the increased volatility within the Bitcoin ecosystem.
Wallet 18TExP had remained inactive since 2013. The coins, previously valued at approximately $500,000 when last moved roughly 12.7 years prior, were exchanged for 500 BTC at a Bitcoin price of $64,942.59. The transaction itself was completed within one hour.
The movement took place during the period of heightened concern regarding vulnerabilities within Coldcard’s security protocols. The exact reasons behind the release of these funds remain unclear, but coincide with other reported transactions linked to the current crisis. This represents a significant financial outflow from previously inaccessible holdings.
The ongoing situation surrounding Coldcard underscores the potential risks associated with older Bitcoin wallets and their exposure following this incident. Further monitoring is required to understand the full implications of this activity and its relationship to broader market dynamics.
Written by Oliver Grant
Markets Desk
