Early Bitcoin Whale Burns $8.5M After 12

Early Bitcoin Whale Burns $8.5M After 12-Year Dormancy and Mystery $1M Round Trip

• BTC-USD

• Five Bitcoin addresses first funded in April 2014 sent 107.13 BTC, worth roughly $8.3 million–$8.5 million at the time, to an effectively unspendable address on May 25.

• One of those wallets woke up after almost 12 years, moved about 20 BTC worth roughly $1 million to what appears to be custodial infrastructure, then received almost the same amount back.

• Matching transaction construction and the wallets’ shared 2014 history suggest the burn was deliberate, but the owner and motive remain unknown.

More than three months after someone deliberately destroyed over 107 Bitcoin, researchers are still trying to explain a strange trail that began with coins acquired in 2014 and included a million-dollar round trip shortly before the burn.

On May 25, 2026, five addresses sent a combined 107.13 BTC to 1111111111111111111114oLvT2, an address designed without a known spendable private key.

The Bitcoin, worth around $8.3 million to $8.5 million when transferred, is therefore effectively removed from circulation. The five transactions were confirmed in the same block, used the same fee rate and shared the same locktime, according to independent Bitcoin researcher Bennet. Those similarities strongly suggest they were prepared together rather than being five unrelated mistakes.

Bitcoin Sat Still Since 2014 Before $1M Round Trip

The history of one address makes the case particularly unusual.

It received 20 BTC on April 10, 2014, when Bitcoin traded near $364, and then remained untouched for nearly 12 years.

On March 18, 2026, the entire balance moved to a P2SH address that Bennet said behaves like a customer deposit address belonging to a multisignature custodian. Deposits entering that address are rapidly swept into larger consolidation transactions.

Then the Bitcoin came back.

Between April 6 and April 8, the original wallet received three payments of 7 BTC, 7 BTC and just over 6 BTC, restoring almost its entire former balance.

In total, 20.00010537 BTC went out and 20.00006037 BTC came back. The difference was only 4,500 satoshis.

Seven weeks later, that restored balance was sent to the burn address.

Whatever happened while the BTC was inside the apparent custodian cannot be determined from public blockchain records. The near-identical amount returning to the original address, however, makes this look very different from an ordinary sale.

Five Bitcoin Wallets Point to One Early Holder

There are other links between the addresses.

All five were initially funded on April 10, 2014, within roughly 25 Bitcoin blocks of one another. One of the smaller addresses had also been transferring BTC to the same apparent custodial destination since 2022, sending about 19.6 BTC across roughly 60 payments before the final burn.

Source: finance.yahoo.com