Conor Grogan, Coinbase’s head of product, has suggested that there is a slight chance the recent $8.6 billion Bitcoin transfer, originating from a whale that held the cryptocurrency for over 14 years, was the result of a hack. He speculated that if the transfer was indeed compromised, it could constitute the largest heist in history. Grogan pointed out that the Bitcoin was moved from eight wallets, and a suspicious Bitcoin Cash transaction occurred shortly before the transfer, which raised concerns about the integrity of the private keys used. Despite being hesitant to draw definitive conclusions, Grogan noted the unusual behavior of the wallet owner, who used Bitcoin Cash to test the private key. Furthermore, blockchain intelligence firm Arkham confirmed that the entirety of the $8.6 billion worth of Bitcoin was transferred from wallets created back in 2011. The Bitcoin price remained stable during this period, trading at approximately $108,150, with only minor fluctuations observed in the market.

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