Ripple CTO Debunks Satoshi Hack Theories After $8.6B BTC Transfer

A cryptic series of Bitcoin transactions has sparked new fears that wallets belonging to Bitcoin creator Satoshi Nakamoto may have been compromised. The messages were sent out on July 1 via OP_RETURN, a feature used to store messages on the Bitcoin blockchain.

The most alarming part is that these messages, embedded in transactions from legacy wallet addresses, claimed possession of their contents, raising concerns about security flaws in early Bitcoin infrastructure.

Interestingly, the transactions involved old-style P2PKH addresses, which were widely used in Bitcoin’s early days. This specific detail set off a wave of speculation, with many wondering if the legendary Satoshi’s wallets, estimated to hold nearly one million BTC, might finally have been cracked.

Whale Moves $8.6 Billion—Not a Sell-Off

Days later, about 80,000 BTC, roughly $8.6 billion, moved from those dormant wallets into new, modern SegWit addresses. The eight dormant Bitcoin wallets likely belong to a single early miner, though the owner remains unknown. Their 14-year inactivity may be due to long-term holding, previously lost keys now recovered, or simply waiting for the right time to act.

On-chain analysts at Arkham and Ledger’s CTO Charles Guillemet found this was likely a wallet security upgrade. The absence of transfers to exchanges suggests it wasn’t triggered by price-selling intentions.

Ripple’s CTO Weighs In

However, Ripple CTO David Schwartz weighed in to calm the panic. He suggested it’s more likely a case of someone reclaiming old, abandoned wallets or perhaps using these messages as a front to move funds. There’s no evidence that Bitcoin’s core cryptography has been compromised, and nothing points directly to Satoshi’s wallets being accessed.

While neither theory confirms a direct breach of Bitcoin’s cryptography, both raise questions about the security of legacy wallets. And although Schwartz didn’t rule anything out, he made it clear that the idea of Satoshi’s wallets being hacked is still speculative at best.

For now, Satoshi’s known wallets remain untouched, and no verified hacks have occurred. While the messages have stirred up mystery, the idea of a major breach remains speculative at best.