Key Takeaways:
- Coinbase’s Conor Grogan suspects the $8.6B Bitcoin move could be a hack — potentially the largest in crypto history.
- A test Bitcoin Cash transaction before the BTC transfer raises suspicions of compromised private keys.
- All BTC is now parked in eight new wallets, unmoved since Thursday’s event.
The crypto world was rocked this week after $8.6 billion worth of Bitcoin was suddenly moved from eight wallets that had been dormant for over 14 years. While there’s no confirmation of foul play, Coinbase head of product Conor Grogan suggested there is a “slight chance” the activity was the result of a historic hack.
Suspicious Bitcoin Cash Transaction Raises Eyebrows
Conor Grogan highlighted a particularly suspicious event leading up to the massive Bitcoin transfers — a single Bitcoin Cash (BCH) transaction that appeared to be a test. “There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys,” Grogan wrote on X.
If true (again, I'm speculating on straws here), this would be by far the largest heist in human history
— Conor (@jconorgrogan) July 4, 2025
He explained that a BCH test transaction came from one of the whale clusters about 14 hours before the BTC wallets moved, suggesting someone may have been quietly verifying access without drawing attention from blockchain tracking systems.
Bitcoin Now Resting in Eight Fresh Wallets
Blockchain intelligence firm Arkham also weighed in, noting that the $8.6 billion in BTC originated from wallets funded in April and May of 2011. All of the Bitcoin is now sitting in eight new wallets and has not been moved since, adding to the mystery.
Arkham confirmed the activity originated from a single entity, but did not provide conclusions on whether the movement was legitimate or nefarious.
Coinbase’s Grogan: If a Hack, It Could Be the Largest Ever
“If true… this would be by far the largest heist in human history,” Grogan warned. Though he emphasized the theory is speculative, he pointed to irregular behavior in the handling of associated BCH wallets — many of which remain untouched.
Also Read: Bitcoin Whales Awaken: 80,000 BTC Moved – Is a Market Shift Coming?
His reasoning: if a legitimate user was regaining control of their crypto, it would be logical to sweep all related assets, not just select wallets.
Despite the buzz, Bitcoin’s market price has remained mostly stable. BTC is down just 1.02% over the last 24 hours, trading at $108,150 according to CoinMarketCap. This suggests the market is cautious but not panicking — at least not yet.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
