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A bitcoin wallet dormant since 2013 moved $31 million, and it's not the only one
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- DeepHorus
A bitcoin wallet dormant since 2013 moved $31 million on Monday, joining a wave of long-inactive coins shifting in the wake of the Coldcard hardware wallet hack. The wallet, labeled 18TExP, transferred 500 BTCâworth $31.3 millionâto a new address, according to on-chain tracker Whale Alert. Those coins were valued at roughly $500,000 when they last moved 12.7 years ago.
The reactivation comes amid an unfolding security crisis involving Coldcard, a popular Bitcoin-only hardware wallet. Since July 30, attackers have drained thousands of BTC from Coldcard-generated wallets, exploiting a flaw dating back to March 2021. Galaxy researchers estimate total damages so far at about $130 million in BTC.
Blockchain sleuth Lookonchain said the owner may have moved funds due to security concerns following the Coldcard hack. On-chain data from CryptoQuant shows a clear spike in old-coin movement around the same window. Coins dormant for 10 years or longer saw roughly 935 BTC move on Aug. 3, the largest single-day total since March 20.
Separately, coins dormant for five to seven years saw a much larger spike, with about 6,388 BTC moving on July 31. Old coins move for various reasonsâestate transfers, exchange consolidations, or custodial migrations unrelated to any hack. But the clustering of large, long-dormant movements immediately after the Coldcard incident suggests holders proactively migrating funds for security reasons.
The hack has also dented confidence in self-custody, with analysts pointing to increased inflows of BTC onto exchanges over the weekend. This trend could pressure prices as holders seek safer storage or liquidate positions. While not all dormant movements are hack-related, the timing raises concerns about broader market impact.
Looking ahead, more long-dormant wallets may reactivate as security fears persist. This could increase on-chain activity and volatility, especially if large holders continue to move funds. The Coldcard incident underscores the importance of robust security practices in the crypto space, even for seasoned holders.
As the situation evolves, investors will watch for further spikes in old-coin movements and exchange inflows. The coming weeks will reveal whether this is a one-time response or the start of a larger trend among long-term holders. For now, the $31 million move serves as a stark reminder that even decade-old wallets are not immune to security concerns.
