$3.2 Million Transferred to FalconX-Linked Bitcoin Wallet Inactive Since 2011
A Bitcoin wallet inactive since 2011 and linked to the brokerage FalconX moved $3.2 million worth of BTC. According to Galaxy Research, the wallet originally received 49.97 BTC in July 2011 when Bitcoin traded around $10 and had remained dormant since. The coins were moved on August 6th, consolidating several old inputs. Exactly 50 BTC were sent to a SegWit address that blockchain analytics platform Arkham identifies as having previously sent funds to addresses labeled as FalconX deposits. The transferred BTC remained at that destination address as of Friday morning, with no on-chain evidence yet of a sale or further transfer to an exchange.
The movement of such "sleeping" coins from Bitcoin's early years often draws attention. While the specific reason for this transfer is unknown—it could range from a wallet upgrade to a change of ownership or preparatory steps for a sale—it occurs amid a broader context of hardware wallet security concerns. Recently, the hardware wallet maker Coldcard urged users to move funds after a firmware vulnerability, leading to thefts of up to $114 million. Though there's no evidence linking this 2011 wallet to the Coldcard issue, such security alerts have prompted long-term holders to re-examine their storage methods, contributing to a recent spike in movements of dormant Bitcoin.
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