Sleeping Bitcoin Giant Wakes: Old Wallet Moves Millions After More Than a Decade

Here is another rewritten version with a more engaging news-report style:

A bitcoin wallet that had been inactive for nearly 12 years moved 500 BTC worth about $31.3 million on Monday, joining a growing number of dormant wallets that have become active since the Coldcard security incident.

The wallet, known as 18TExP, had held the bitcoin since 2013 before transferring the entire balance to a new address, according to blockchain tracking service Whale Alert. When the coins were last moved more than a decade ago, they were worth approximately $500,000.

The movement of old bitcoin does not reveal the holder’s intentions by itself. It only shows that the owner controlling the private keys decided to transfer funds that had remained untouched for years.

Still, the timing has attracted attention. The transfer took place during a major security scare involving Coldcard, a popular Bitcoin-only hardware wallet, leading some observers to believe the move may have been a precautionary step to protect the holdings.

Blockchain analytics firm Lookonchain noted that the wallet transferred all 500 BTC, valued at roughly $31.27 million, after more than 12 years of inactivity. The firm suggested the owner may have moved the funds due to concerns related to the Coldcard exploit.

The Coldcard attack began on July 30, with attackers targeting certain wallets created through vulnerable configurations. According to Galaxy researchers, the incident has resulted in approximately $130 million worth of bitcoin being drained so far.

The exploit has also increased concerns around self-custody security. Some analysts have pointed to higher bitcoin exchange inflows as users reconsider the safety of their existing storage methods.

Old Bitcoin Holdings Show Increased Activity

The 500 BTC transfer appears to be part of a wider increase in activity from long-dormant bitcoin addresses.

CryptoQuant data tracking spent output age bands — which measures bitcoin movements based on how long coins remained inactive before being transferred — shows a rise in older coin movements around the same period.

Bitcoin that had remained dormant for at least 10 years saw about 935 BTC move on August 3, marking the largest daily transfer volume for that group since March 20. Meanwhile, bitcoin held for five to seven years recorded a larger movement of approximately 6,388 BTC on July 31.

Dormant bitcoin transfers can occur for many reasons, including estate planning, exchange wallet consolidation, custody migrations, or routine portfolio management.

However, the timing of multiple large movements from older wallets shortly after the Coldcard incident has led some market observers to believe that certain long-term holders may be moving funds proactively to strengthen security.