On July 5, 2025, Conor Grogan, head of product at Coinbase, warned there is a slight chance that the $8.6 billion in Bitcoin moved from eight wallets on Thursday was the result of a hack.
These wallets had lain untouched for over 14 years before suddenly transferring large sums. Grogan pointed to an odd Bitcoin Cash test transaction fourteen hours before the full sweep as evidence of possible compromised private keys.
Speculation of a Major Theft
Grogan said he spotted a single Bitcoin Cash transaction from one of the whale clusters, followed by the complete Bitcoin transfer. He noted that whale-watching services do not monitor Bitcoin Cash heavily, so a hacker might test keys via that chain without drawing attention.
He added that other linked Bitcoin Cash wallets remain untouched, asking why a legitimate owner would not clear them too. While he stressed this is extreme speculation, Grogan admitted that if the shift was malicious, it could become the largest digital asset heist in history.
Bitcoin’s Price Actions
The sudden and substantial movement of such a large Bitcoin sum has sent shockwaves through the crypto community, igniting widespread speculation. Whale activity of this magnitude often precedes major market shifts and is closely monitored by both retail traders and institutional players.
At the time of the transfers, Bitcoin traded at $108,088.65, down 0.767% in the last 24 hours. The overall crypto market cap stood at $2.15 trillion, while 24-hour trading volume fell by 13%.
Traders weighed the uncertainty of a potential hack against recent stability, leading to cautious positions and reduced liquidity.
Possible Identities Behind the Wallets
On‑chain analysts have floated several theories about who controls the wallets. One name that surfaced is Roger Ver, an early Bitcoin evangelist known as “Bitcoin Jesus.” Ver showed early belief in Bitcoin’s long‑term future, but legal troubles followed his high‑profile career.
He was arrested in Spain on charges of misleading tax filings and later pleaded with President Trump to avoid extradition to the US. Some believe Ver might move funds to mount a legal defence or negotiate a plea deal, using the sudden transfers to cover hefty legal bills.
Community Theories and Reactions
Across social media, users debated Grogan’s hack theory. Some followers praised his caution, while others argued that such large holders rarely keep Bitcoin Cash on the side if they control the coins.
A few speculated the sweep was a security measure by the original miner to consolidate funds into a more secure cold wallet. Others suggested the keys could have resurfaced after being lost for years, now recovered by a modern wallet‑recovery service. Regardless of the motive, the event has kept forums and chat groups buzzing.
What This Means?
If the movement is a hack, it would mark a new high in digital asset theft, prompting exchanges and wallet providers to beef up security. A confirmed breach of that scale could erode trust in self‑custody solutions and push more users toward institutional custody services.
On the other hand, if it proves to be a planned transfer by the rightful owner, it would underscore the enduring power of early Bitcoin holdings to influence markets even after over a decade of dormancy. Traders will watch closely for any signs of further movement or attempts to liquidate.
Also Read: Bitcoin Whale Awakens After 14 Years & Moves 20,000 BTC Worth $2.18B Acquired at $0.78 Each