Mystery surrounds why an OG burned $1M in Bitcoin
The million dollar question is what prompted a Bitcoin OG to send 20 BTC to a custodian, retrieve it back, and then deliberately burn it?
In March 2023, a Bitcoin owner executed a peculiar transaction that involved moving $1 million worth of Bitcoin through a large custodian, retrieving it back, and then burning it. This occurred three weeks after the initial transfer and less than two months after the return. The wallet had been dormant for nearly 12 years before becoming active again.
The owner of the Bitcoin is believed to be an early adopter of the cryptocurrency who had funds on the now-defunct Mt. Gox exchange. Chainalysis, a blockchain analysis firm, has identified five wallets that destroyed their Bitcoin. These wallets were controlled by the same person and were funded on the same day in April 2014. The transactions suggest a pattern of sending Bitcoin to the custodian in fixed-dollar amounts, followed by returns within a few days.
This behavior may indicate a planned liquidation strategy. However, the exact reason behind the $1 million round trip remains unclear, leaving the mystery surrounding the OG's actions unanswered.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
