Study finds 8,000 bitcoins mined in 2010 belong to Coinbase

Eight batches of 1000 bitcoins, which have moved for the first time since 2010, belong to the cryptocurrency exchange Coinbase or to entities affiliated with it. This version is supported by the Telegram channel Goldfoundinshit.

The seventh tranche was January 10. The eighth was recorded on January 26.

On-chain analysis results showed that, as in previous cases, 1000 BTC were accumulated in tranches of 50 BTC across separate addresses from 20 wallets. Under the same pattern, the coins from a wallet with 1000 BTC were moved into so-called ‘pockets’ of 10 BTC, from which withdrawals were subsequently made.

Researchers found that from time to time one or two transactions from the 1000 BTC wallet were sent for larger sums. They concluded that this could be related to the needs of certain ‘most valuable’ users.

Data: Goldfoundinshit.

The data from the blockchain explorer were compared with the Coinbase withdrawal transaction. The funds originated from the higher ‘pocket’ with 10 BTC.

Data: Goldfoundinshit

The visual path of the transaction is shown in the illustration below. Researchers observed a similar pattern — accumulation of bitcoins in a 1000 BTC wallet and their distribution into 10 BTC ‘pockets’.

Data: Goldfoundinshit.

Transaction, accumulated in wallets of 1000 BTC (marked in gray) also looks similar (the majority of wallets hold equal amounts).

Data: Goldfoundinshit.

Comparing the two transactions, one of which represents a Coinbase exchange withdrawal, the researchers concluded that they share the same mechanism. The oxt.me clustering algorithms determined the identification of these wallets with the largest US-based bitcoin exchange.

Experts put forward the hypothesis that a similar method was used by Coinbase to provide different levels of access to the coins.

“One person performs a consolidation transaction and a split transaction into ‘pockets’. There the amounts are smaller and the responsibility is smaller, and the ‘pockets’ of 10 BTC are handled by other people,” they explained.

According to the researchers’ observations, such distributions coincide with Bitcoin’s price corrections.

Experts found it difficult to answer how many coins would pass through a similar path and whether Coinbase includes them in its reporting. There is no answer to whether this is some clever plan, or whether this is an attempt by the exchange to shield itself from criticism that it uses ‘grey’ coins, the researchers added.

“Crystal clear” for regulators, bitcoins, since they have not been moved since 2010, fall into the so-called ‘lost’ category. This casts a shadow on the accuracy of such estimates, the experts say.

In May, 50 BTC, earned as a reward for the block mined on February 9, 2009, moved. One of the miners at the time was Bitcoin’s creator Satoshi Nakamoto. Many users speculated that he could be the owner of the coins, but Patoshi-pattern analysis did not confirm the hypothesis.

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