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Galaxy Research said random strings recorded about 40 times a day on the Bitcoin network over the past three weeks were likely test output from a data-posting tool rather than encrypted messages.
In a post on X, Galaxy Research said its analysis of 562 strings found each of the 26 letters appeared at a nearly even frequency of 3.6% to 4.2%, with no statistical traits typically seen in ciphertext. Transaction records also suggested a bot, rather than a human, wrote the strings at regular intervals, it said.
Galaxy Research added that tracing the BTC used by the bot linked it to a wallet that inscribed the full U.S. Constitution on the Bitcoin network on May 29. The operator also inscribed the Declaration of Independence, random strings, words in multiple languages and test JSON files, according to the firm. It said a total of 0.033 BTC was used for the records, with about 24% spent on mining fees and the remaining 76% still held at related addresses. No funds were sent to outside parties.
Galaxy Research said the series of records was more likely part of testing a data-publishing tool on the Bitcoin mainnet than an attempt to convey a specific message.