Why Would Someone Publicly Burn $8 Million Worth of Bitcoin? Theories Are Flying
A recent incident involved the burning of 107 bitcoin, valued at approximately $7.8 million, by sending them to an unspendable address. The transactions, which originated from dormant wallets, have sparked various theories regarding the motivations behind this action. While no individual has claimed responsibility, speculation ranges from accidental transfers to intentional acts aimed at reducing bitcoin supply.
- ▪107 bitcoin were sent to a burn address, making them unspendable.
- ▪The transactions originated from five dormant addresses that had not been active since 2014.
- ▪The burn address has been a known destination for unspendable bitcoin since 2010.
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Earlier this week, someone burned 107 bitcoin (currently worth roughly $7.8 million) by sending the coins to an address where they would become provably unspendable. Initially, the public lighting of digital money on fire caused more confusion than anything else, but now a few theories are emerging as to what may have happened here.cnx.cmd.push(function(){cnx({"playerId":"92b7b46b-43ed-4e0e-b21b-2c999302d9d7","settings":{"advertising":{"macros":{"AD_UNIT":"/23178111854/od.gizmodo.com/article","CHILD_UNIT":"article","POST_ID":"2000764705","POST_TYPE":"post","CHANNEL":"tech","SECTION":"cryptocurrencies","SUBSECTION":"","CATEGORIES":"cryptocurrencies","TAGS":"bitcoin,crypto","NOP":"0"},"timeBeforeFirstAd":0}}}).render("cnx-player-main")}); The Bitcoin blockchain shows that on Monday, five…
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