Old wallets are being activated – raising fears of mass hacks targeting Bitcoin veterans

The activation of several previously dormant Bitcoin wallets has sparked rumors of a mass hack.

On the 24th of April @whale_alert notified the community of a dormant address containing 1,000 BTC ($27 million) that became active after a 12-year hiatus.

Likewise, on April 20, @WhaleChart tweeted details of a 9-year-old dormant wallet moves 6,071 BTC ($178 million). Many other recent examples exist.

Members of the Bitcoin community have pointed out the peculiarity of the situation – with some speculating that a mass hack of older Bitcoin addresses is underway.

Mass hack targeting OGs

On April 18th, MetaMask developer @tayvano_ drew attention to an ongoing hack affecting over 11 chains – draining more than 5,000 Ethereum at the time.

The attack was deliberately aimed at “OGs that are reasonably safe.After examining the hacks, including examining forensic devices, experts are still none the wiser on the point of vulnerability.

@tayvano_ advised users to limit exposure by splitting funds across multiple wallets. Even better, transferring holdings to a hardware wallet – which will require PIN entry to confirm transfers.

The Bitcoin community is voicing concern

Several members of the community have called the activation of previously dormant Bitcoin addresses suspicious.

@WolfOfPoloniex said frequency of activations in a short time was “extremely strange.” He pointed out that there are rumors of unauthorized access.

“It seems that one of the trending theories is that someone has gained access to hack old wallets.“

Similarly, @crypto_bitlord7 said he had heard on the grapevine that “some have been cracking older $BTC paper wallets.” Initially, he dismissed this as nonsense. But “this is too random now.”

Despite recommendations to move funds to a hardware wallet, @crypto_bitlord7 said he suspects they are also vulnerable. As a precaution, he moves his money to Armory – a multi-signature cold storage wallet.

“This means that Trezor 12 and 24 words are potentially vulnerable.”

Ran Neuner said the situation was becoming alarming. He suggested that the vulnerability could lie in a cracked wallet generator.

Wallet generators create new paper wallet addresses – giving the user a public address and private key in the process.

When challenged on the random nature of dormant addresses becoming active, Nouns answered and said:No. It’s too many at the same time. Everything from old vintage…”