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Bitcoin’s First Wallet Comes Alive: A Sudden $1.17 Million Transaction Unfolds

Ruholamin Haqshanas
Last updated: | 2 min read
Image Source: Adobe

An unidentified Bitcoin (BTC) user has sent 26.9 BTC, equivalent to $1.17 million, to the genesis wallet, the first-ever wallet created on the Bitcoin network by Satoshi Nakamoto.

The transaction took place on January 5 at 1:52 am Eastern Time and attracted attention due to its unusual nature.

What makes this transaction noteworthy is that it involved sending funds from an emptied wallet to the genesis wallet. 

The transaction fee attached to it was $100, which is notably higher than the average transaction fee. 

The wallet’s initial funding can be traced back to three wallets, with most of the funds originating from a wallet associated with Binance on the blockchain analytics platform Arkham Intelligence.

Conor Grogan, a director at Coinbase, speculated on X (formerly Twitter) that the transaction could signify Nakamoto waking up and depositing BTC from Binance or someone deliberately burning over $1 million. 

Grogan even suggested the possibility of the anonymous transfer being part of a peculiar marketing scheme for a spot Bitcoin exchange-traded fund.

Since Nakamoto’s disappearance in December 2010, there has been no movement of funds from wallets associated with Nakamoto, including the genesis wallet. 

However, it is still possible that Nakamoto retains the private keys for these wallets and has control over the funds.

Initially, the genesis wallet held the 50 Bitcoin that were mined when Nakamoto was still active. 

On Bitcoin’s 14th birthday, users worldwide celebrated by sending BTC to the address containing the rewards for mining the genesis block. 

These gifts increased the wallet’s balance to 72 Bitcoin by late 2023.

Nakamoto is Likely a Group

As reported, a recent research has revealed that Nakamoto may actually be a collective entity.  

One piece of evidence is the usage of both “we” and “I” in the Bitcoin white paper, indicating the possibility of a team operating under a singular pseudonym.

Another piece of evidence comes from the linguistic analysis of Nakamoto’s writings. 

The white paper showcases impeccable English with precise language and accurate usage of technical terms. 

But since Nakamoto’s writing style appears to be different in forums and email correspondences, this suggests multiple individuals were involved. 

The timestamps on Nakamoto’s messages also hint at the involvement of multiple individuals. 

There are theories regarding Nakamoto’s location, with some suggesting that the Bitcoin mastermind lived in the UK while others found that he resided in California. 

A review titled “The Time Zones of Satoshi Nakamoto” analyzed Nakamoto’s hourly activity and concluded that Nakamoto likely resided in the EST time zone. 

If Nakamoto is indeed a group, it would explain the possibility of multiple time zones being involved.

The breadth of knowledge displayed by Nakamoto is another indicator that he may be a collective. 

The creator demonstrates proficiency in computer science, mathematics, flawless English, game theory, and the successful concealment of his identity for over a decade.