On July 5, 2025, Coinbase analyst Conor Grogan raised concerns over a recent movement of approximately $8.6 billion worth of Bitcoin from wallets dormant for around 14 years. Grogan highlighted a suspicious Bitcoin Cash (BCH) test transaction that occurred just before the Bitcoin transfers, suggesting it may have been used to verify control of the private keys. This sequence of events has led to speculation that the wallets were compromised, potentially marking the largest cryptocurrency theft in history if confirmed. Other on-chain analysts also noted inactivity in related BCH addresses, further fueling suspicions of a hack. While some experts acknowledge the possibility of a security breach due to legacy infrastructure vulnerabilities, others point to ongoing improvements in custody solutions by entities like Circle and BlackRock. The incident has sparked debate within the crypto community about security risks associated with long-term Bitcoin storage and private key management.