Thomas Daniels
On January 5th, an anonymous person initiated a transfer of 26.9 BTC (worth about $1.19 million) to the Genesis wallet, the very first wallet on the Bitcoin network, created by the enigmatic Satoshi Nakamoto. This event took place at 1.52 AM ET, coinciding with Bitcoin’s 15th anniversary. Notably, the funds deposited were unrecoverable.
Arkham Intelligence, an on-chain analytics firm, noted that the sender engaged in complex transactions involving various addresses before moving the Bitcoins to the Genesis wallet. This activity was primarily funded by a withdrawal of nearly 27 BTC from what is believed to be a Binance-owned wallet. The only recorded activities in the sender’s wallet were these transactions.
Some speculate that Binance’s compliance team might know the sender’s identity, given the stringent Know Your Customer (KYC) laws governing crypto exchanges. In light of this, a Coinbase director, Conor Grogan, humorously suggested that perhaps Satoshi himself has become active or someone has effectively burned a million dollars.
The Genesis wallet, attributed to Satoshi Nakamoto, has mostly accumulated minor transactions since its creation on January 3, 2009. While Nakamoto might theoretically access the funds, it’s widely believed to be unlikely as no activity has been detected from Nakamoto-linked wallets since their disappearance in December 2010.
Originally containing 50 BTC, the Genesis wallet’s balance had grown to 72 BTC by the end of 2023. This recent transaction has further increased its balance to about 99.68 BTC, valued at around $4.3 million.
The crypto community is buzzing with various theories regarding the transaction’s intent, ranging from a tribute to Bitcoin’s creator, a costly mistake, or a deliberate publicity act, to an attempt to influence market sentiment ahead of potential regulatory developments.
