Mysterious Address Extracts $3.45 Million from Coin On: Who Is Behind It?

According to reports, according to Lookonchain monitoring, an address that has been dormant for 2.5 years has extracted 2000 ETHs (approximately $3.45 million) from Coin On today. The address did not conduct any transactions after withdrawing 1 million USDCs from Coin On on September 2, 2020.

An address that has been dormant for 2.5 years extracts 2000 ETHs from Coin An, equivalent to approximately $3.45 million

Introduction

Recently, a dormant address extracted a whopping $3.45 million worth of Ethereum from Coin On, leaving the cryptocurrency world in shock. The address has been inactive for 2.5 years and was known to have withdrawn 1 million USDCs from Coin On on September 2, 2020. So, who is behind this mystery transaction, and why did they wait for so long to make a move? Let’s delve deeper and uncover the details behind this perplexing incident.

The Background Story

According to Lookonchain monitoring, a blockchain analytics platform, an address that has been idle for 2.5 years has suddenly moved 2000 ETHs from Coin On. The address, known as 0x5F6, made its first transaction on November 2018, after which it had been inactive until now.
This mysterious transaction raised many questions, and the cryptocurrency community soon began speculating about the identity of the owner. Some claimed that it might be a hacker, while others believed that it could be an early bitcoin adopter who had been hodling all these years.

The Possible Theories

While there are many theories floating around about the identity of the owner, it is impossible to know for sure until they come forward. However, let’s examine some of the possible scenarios.

#Scenario 1: A Forgotten Wallet

One theory suggests that the owner of the wallet might have forgotten their private keys or password, which is why they remained dormant for such a long time. It is not an uncommon occurrence, as many people have lost or forgotten their access details to their crypto wallets, resulting in the loss of their funds.

#Scenario 2: A Cold Storage Account

Another possible theory is that the wallet might have been used as a cold storage account. Cold storage refers to the practice of keeping cryptocurrency offline, away from the internet, to protect it from hacking attempts. This means that the owner might have created the wallet, transferred the funds, and then stored the private keys safely offline.

#Scenario 3: A Hacked Wallet

One sinister theory suggests that the wallet might have been hacked, and the hacker chose to wait for 2.5 years to cover their tracks. This theory is, however, highly unlikely since the ownership of the wallet remains unknown, and the hacker would have to go through several levels of anonymity to hide their identity.

Conclusion

The mystery behind the dormant wallet that suddenly woke up to withdraw $3.45 worth of Ethereum has left the cryptocurrency community wondering. The possible theories surrounding the incident range from a forgotten wallet, cold storage account, or a hacked wallet. Until the identity of the owner comes forth, the mystery will remain unsolved.

FAQs

#Q1. What is Coin On?

Coin On is a cryptocurrency exchange that allows users to trade various cryptocurrencies.

#Q2. Do such incidents happen frequently in the cryptocurrency world?

Yes, such incidents are not uncommon in the cryptocurrency world, where wallets remain inactive for years before a sudden transaction occurs.

#Q3. Is it possible to track down the identity of the owner?

It is difficult to trace the identity of the owner, given the anonymity of the cryptocurrency world. However, blockchain analytics platforms like Lookonchain are useful in tracking such transactions.