600 Bitcoin Shifted by Awakened Whale After 10+ Years of Hibernation

Recent data shared by a CryptoQuant analyst reveals that an impressive amount of Bitcoin has been shifted by a whale who awakened after more than a decade spent in dormancy. They moved 500 coins, which are worth more than $40 million at the current price.

Besides, while Google has recently published a warning about the quantum computing threat to Bitcoin and crypto wallets in general, a message by Satoshi emerged, in which the mysterious BTC creator had already addressed that possibility.

$41 million in Bitcoin on the move

A CryptoQuant analyst, who goes by the name @JA_Maartun on X (formerly Twitter), published a chart showing spikes in the movements of dormant Bitcoins.

According to the chart, 100, 200 and 300 coins were moved yesterday, likely meaning that old wallets have been reactivated and their owners decided to either move the BTC to exchanges to sell or have just reshuffled their crypto holdings.

The Spent Output Age Bands chart shows three large green spikes in the 10+ year category. This highlights an unusual surge in activity from long-term Bitcoin holders. This could indicate a change in the behavior of old Bitcoin holders now that Bitcoin is facing selling pressure below the $70,000 price level.

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Satoshi’s message on quantum threat to Bitcoin

Now that the crypto community is buzzing, discussing the recent report by Google about the potential low resources that quantum computing may need to threaten crypto wallets, the Binance US account published a screenshot from the BitcoinTalk forum, in which Satoshi Nakamoto himself addressed that issue 16 years ago.

The mysterious Bitcoin creator had foreseen such a potential threat coming from new technologies. Satoshi stated that if Bitcoin signatures were compromised, then “even agreeing about the last valid block would be worthless.” He warned that if such a threat were posed, indeed, “we can still transition to something stronger.”

According to the report published by Google Quantum AI, the time and hardware requirements for hackers behind quantum computers to break blockchain encryption are much lower than was assumed before.

The crypto community had been aware that eventually a moment would come when quantum computers would be able to threaten the 256-bit elliptic curve discrete logarithm problem (ECDLP-256). The latter offers strong protection to cryptocurrency wallets. 

However, Google proved that algorithms would require only 1,200 to 1,450 logical qubits, rather than billions of them, to make that happen.