On January 5, Satoshi Nakamoto’s original BTC wallet received a transfer of 27 BTC coins, valued at $1.17 million, based on the current market price. This transaction occurred shortly after a similar amount was withdrawn from the Binance cryptocurrency exchange.
Following the payout from the previous week, the address now has close to 100 BTC, with a current valuation of $4.5 million.
While users sometimes send small amounts to the dormant Genesis wallet to commemorate the Bitcoin network’s launch, Friday’s significant transaction has piqued curiosity about the potential motivations behind this payment.
Conor Grogan, Coinbase’s director, noted that probably Satoshi Nakamoto resurfaced, acquired 27 Bitcoins from Binance, and deposited the coins in his wallet. However, he also added that someone else could have been behind these suspicious transactions.
Grogan further noted that the suspicious transactions could somehow be related to the highly anticipated U.S. spot Bitcoin exchange-traded fund (ETF) approval. Additionally, Jeremy Hogan of Hogan & Hogan law firm, suggested that the only plausible explanation seems to be an attempt to unmask Bitcoin’s creator’s (Satoshi Nakamoto) identity.
Beginning this year (2024) the Internal Revenue Service requires U.S. Taxpayers to disclose all crypto transactions in excess of $10,000 to the (IRS). Investigations revealed that the sending address had no prior activity.
However, this anonymous cryptocurrency user engaged with an address identified as the hot wallet of the brokerage platform Robinhood after this transaction. In the meantime, the value or price of Bitcoin hasn’t been affected by all these sideshows, it has maintained a bullish momentum in the first two weeks of the year.