Here’s what happened to those Satoshi-era Bitcoins—so far

A Bitcoin wallet with 50 Bitcoin mined in the Satoshi era resuscitated yesterday. Although the majority has not yet been issued, part has already been paid out.

The Bitcoin in question, which was first won in February 2009, was split into two separate addresses: the first with 40 Bitcoins and the second with the remaining 9.99 coins. According to Rishav Rai, lead researcher at Blockchain analysis company Merkle Science, only 7.38 Bitcoin has been wound up.

“We found that a significant portion of the money was transferred to Binance and Coinbase,” said Rai Decrypt. “Of the 9.99 BTC that we think has actually moved, at least 7.38 BTC has ended up in exchanges.”

Transfer visualization of the Satoshi era Bitcoin. Image: Merkle Science

Satoshi, is that you?

Panic and intrigue yesterday yesterday in equal measure by the crypto community, when the coins – discovered to have been mined a month after Bitcoin’s conception – suddenly started moving.

There was a suspicion that it could be the creator of Bitcoin, Satoshi Nakamoto, to pay out. However, researchers quickly debunked the theory and determined that the stock came from a block unrelated to Satoshi.

Nevertheless, speculation remains that it could be an employee of Satoshi, or just an old miner who accidentally comes across an abandoned wallet. In any case, the owner has made no attempt to hide their tracks.

“It is likely that this transaction was made by a Satoshi-era miner who wanted to cash out money,” explains Rai. “We see no signs of coin blending or substantial attempts to conceal the intention.”

Regarding how the funds ended up on exchanges, Rai explained that the 9.99 Bitcoins were distributed and sent to 30 separate addresses. Including 5,641 Bitcoin forwarded to various Coinbase cluster addresses, with another 1,741 Bitcoin in a Binance hot wallet.

In total, 7.38 bitcoins (worth about $ 66,000 at the time of the press) made their way to the exchanges, where Rai thinks they may have been wound up.

The market’s reaction to the news was not pleasant. A sale started shortly after the Satoshi era coins were spotted. Since then, Bitcoin continued to tumblealthough in reality only 15% of the coins have been sold.