Over $100 million worth of bitcoin transferred from wallets that have been inactive for years

In the past few months, there has been an increase in bitcoin transfers from wallets that have been inactive for years. In one such case more than 5,000 bitcoins have been transferred from a wallet that has been inactive for almost nine years to a new one. The largest cryptocurrency in terms of market capitalization is worth over $1012 million at the current rate.

Chinese journalist and blogger Colin Wu has given this information by taking data from Bitinforcharts. Some of these wallets were set up after Satoshi Nakamoto, the creator of bitcoin, introduced the cryptocurrency. With such large transactions, traders fear a drop in the price of bitcoin. However, these have not affected the crypto market. Earlier this month, 1,110 bitcoins were transferred from a wallet that had been dormant for nearly eight years. Wu has tweeted that three other bitcoin wallets associated with this also have a large number of bitcoins. Two of these wallets hold about 5,000 and another wallet holds more than 6,000 bitcoins. However, these have not been transferred.

The sell-off has caused the prices of cryptocurrencies to drop in the past few months and investors have suffered huge losses. The slowdown in the crypto market has affected many firms in this segment and these firms are taking measures like cutting their workforce to reduce costs. Losses from hacking cases involving cryptocurrencies have increased by nearly 60 percent in the first seven months of this year. As of July this year, about $1.9 billion has been lost in such cases. The loss in the same period last year was about $1.2 billion. Funds stolen from Decentralized Finance (DeFi) protocols have increased significantly.

Blockchain analysis firm Chainalysis said in a blog post that the hackers are less likely to catch the attack soon. In the first week of this month, about $ 190 million in the hacking of the cross-chain bridge Nomad and about $ 5 million in funds were stolen from the hacking of several Solana wallets. “DeFi protocols are more prone to hacking because their open source code helps cybercriminals to break in,” Chainalysis reported.

Cryptocurrency prices in Indian exchanges

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