Dormant Bitcoin Wallet Spends 12-Year Slumber Amid Coldcard Crisis

A dormant Bitcoin wallet has been active for the first time in over 12 years, moving 500 BTC worth approximately $31.3 million during the ongoing Coldcard security crisis.

The transfer occurred when coins that had been inactive since 2013 were suddenly moved from one address to another. The wallet known as 18TExP transferred all 500 BTC, with their value having increased significantly over the past 12 years.

Researchers have estimated that attackers have drained around $130 million from wallets linked to the Coldcard flaw, which was first identified in March 2021 and has been exploited since July 30. The security crisis has raised questions about wallet safety, with some holders potentially moving old coins into new addresses or different storage systems.

The timing of the transfer is also notable due to weak August seasonality for Bitcoin, as well as potential risks associated with yen intervention in the Japanese currency market. Historically, Bitcoin has struggled during the month of August, closing lower in nine out of the last 13 completed years.