Nick Szabo: $44 Million Worth of Bitcoin on the Move Amid Fears of State Seizure

Earlier today, a Bitcoin address that had remained untouched for roughly 12 years suddenly moved 400 BTC, according to Whale Alert. The coins were worth roughly $44 million when the transfer occurred. 

Salomon Brothers seizing coins? 

As usual, such transfers tend to spark plenty of speculation within the community. 

Some have speculated that this could be a “Salomon Brothers” notice. 

Salamon Brothers was the name of a major investment bank that merged in the 90s 

In August, an entity operating under the name “Salomon Brothers” started a controversial campaign targeting long-dormant Bitcoin wallets. 

The OP_RETURN function was used for inserting legal notices that claimed ownership over the assets. Holders were given 90 days to prove ownership of the coins. 

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Legendary American cryptographer Nick Szabo has suggested that the transfer could possibly be linked to the threat of confiscation. 

He mentioned the legislation in California that might allow the state to essentially confiscate unclaimed property, which is something that is legally known as “escheatment.”

Assembly Bill 1052 (AB 1052), which is currently under consideration, would classify coins untouched for three years as unclaimed property. 

The recent transfer could also be interpreted as a protest signal against the law. 

Good security practice

Szabo has stressed that moving coins regularly is generally considered to be a good security practice. 

“For security as well as such legal reasons, it’s a good idea to move your Bitcoin every few years,” he said.