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Dormant Bitcoin Wallet Moves 500 BTC After More Than 12 Years

According to Lookonchain, a long-inactive Bitcoin whale reactivated on Sunday and transferred 500 BTC worth about $40.62 million, drawing attention to possible portfolio, custody, or trading-related repositioning.

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Fact Check
Two independent sources directly confirm all key elements of the claim. The Block's article reports 500 BTC ($40.6M) moved on May 10, 2026, after 12 years of dormancy, consistent with the ~$81,721 BTC price at the time. The Odaily news flash independently corroborates the $40.62M figure, the 12+ year dormancy, and explicitly names Lookonchain as the blockchain analytics source, matching the claim's attribution. The specific wallet address (1KAA8G) and original acquisition price (~$914/BTC in November 2013) further anchor the event. No conflicting evidence was found. The only minor uncertainty is that the Lookonchain X post itself could not be directly fetched, but it is cited by Odaily and the claim's own links include it.
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Summary

A long-dormant Bitcoin wallet reactivated after more than 12 years and transferred 500 BTC worth about $40.62 million, according to blockchain analytics firm Lookonchain. The address reportedly originally received the coins when Bitcoin traded near $914, implying roughly $40.17 million in unrealized profit, or about an 88x return. The wallet owner, destination of funds, and purpose of the transfer were not identified. Because the address qualifies as a large holder, or whale, the move is being closely watched as a possible sign of portfolio repositioning, custody changes, or preparation for trading, although the on-chain transfer alone does not confirm intent.

Terms & Concepts
  • Bitcoin wallet: A digital address or software tool used to store and transfer Bitcoin on the blockchain.
  • Whale: A crypto market participant with very large holdings whose transactions can attract market attention because of their size.
  • On-chain transfer: A transaction recorded directly on a blockchain, making the movement of funds publicly visible on the network.