50 Bitcoins mined over 10 years ago transferred to Bitfinex

Suddenly, out of the blue, 50 Bitcoins were transferred to Bitfinex hot wallet which are worth around $527,120.

By · Oct 4, 2020 . 5min read

50 Bitcoins transferred to Bitfinex news
Source : IStock

Out of the blue, 50 Bitcoins that mined during the time Satoshi Nakamoto was still active was recently transferred to Bitfinex. BTCparser, a telegram bot captured this move yesterday, and with Bitcoin’s current valuation, the person behind it should be making a 100% profit.

Pasting the transaction hash on a blockchain explorer shows the 50 Bitcoins was miners rewards as at 24th May 2010. Obviously, miners receive this amount as block rewards for participating in the exercise of Bitcoin mining back then.

50 Bitcoins mined over 10 years ago transferred to Bitfinex
Transaction hash shows the 50 Bitcoins are COINBASE rewards miners received back then in 2010

Since 2010 when Bitcoin was worth almost nothing, the coins have not moved from the wallet until October 1. Many people are currently speculating that it might be Satoshi Nakamoto who initiated the transaction. One would expect that Satoshi who has remained largely anonymous and gone under the radar for about a decade now should know better. Why? The 50 Bitcoins transferred to Bitfinex hot wallet is worth around $527,120. Typically, Bitfinex as a cryptocurrency exchange would normally not allow that kind of volume withdrawn without due KYC/AML procedure. One would expect Satoshi would explore other means like Coin mixing or any other means that ensure anonymity.

As well, Satoshi went offline December 13, 2010, as his profile on Bitcointalk forum shows. And since the anonymous person transferred the 50 coins to Bitfinex, Bitcoin price only dumped 2%, from 10,642 to 10,410. Apparently, nobody is sure the transfer is what caused bitcoin to dump or the BitMEX saga with the regulators.

A similar transaction like the 50 Bitcoins moved to Bitfinex from the Satoshi era happened recently also.

Moreover, we saw this kind of transaction back in May when someone moved 50 bitcoins mined in May 2009. Even though people were actively speculating it Satoshi, who initiated the transaction some disagreed. And frankly, if it was for the profits, then December 2017 seems a better time to initiate these kinds of transactions. Remember back then was when Bitcoin price shot up to $20,000 and have since retraced by more than 50% in price.

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