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Bitcoin Holder Sends 90% of BTC Stash to Satoshi Nakamoto in Shocking Error

Published 2024-05-19, 06:11 a/m
© Reuters.  Bitcoin Holder Sends 90% of BTC Stash to Satoshi Nakamoto in Shocking Error
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U.Today - In a costly miscalculation, a Bitcoin holder has mistakenly sent 90% of their BTC stash to an address believed to be associated with Satoshi Nakamoto, the enigmatic creator of Bitcoin.

According to Arkham Intelligence, while attempting to sacrifice an ordinal for the PUPS token, an unknown user made a costly mistake by accidentally sending almost their entire wallet balance — over $7,000 in BTC — to one of Satoshi Nakamoto's addresses.

PUPS, a meme coin on Bitcoin with the logo of a puppet monkey wearing a hat, is a Bitcoin trading token that follows the BRC-20 standard. The token conducted a successful BRC-20 token airdrop on Bitcoin and is inscribed into the blockchain through Ordinals.

Bitcoin creator Satoshi Nakamoto has remained anonymous since the publication of the Bitcoin whitepaper in 2008 and the subsequent launch of the Bitcoin network in 2009. The addresses known to be associated with Satoshi hold significant amounts of BTC, which have remained untouched for years.

The recent transfer inadvertently made to one of these addresses has reignited discussions about Satoshi Nakamoto's identity and the fate of the Bitcoin stored in these wallets. However, there is no indication that the BTC sent in this incident will be accessed or moved, maintaining the status quo of the dormant addresses.

The reaction from the crypto community has been a mix of sympathy and astonishment. On one hand, there's a cringe at the thought of such a substantial amount of money being sent off without hope of return. At the time of writing, BTC was priced at $67,000, thus the BTC stockpile would have been worth millions of dollars. On the other hand, there's intrigue surrounding the address linked to Nakamoto, which has been dormant for years and rarely receives transactions.

Anyway, it turns out that the recent incident underscores the importance of double-checking transaction details, especially in the crypto landscape where a single keystroke can have irreversible consequences.

This article was originally published on U.Today

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