Coinbase Director Suggests $8 Billion Bitcoin Move May Be Hack

Conor Grogan, a director at Coinbase, has expressed concerns over the recent movement of $8 billion worth of dormant Bitcoin, suggesting that it could be indicative of a hack. The Bitcoin in question has been inactive since 2011, and Grogan finds it unusual that such a large amount of Bitcoin would be moved without a typical sell-off. He suspects that this movement could be the result of an organized security breach.

Grogan's suspicions are supported by a report from BeInCrypto, which stated that a block of 20,000 BTC, valued at over $2 billion, was transferred from wallets that had been dormant since 2011. Coinbase is currently investigating the recent movement of $8 billion in Bitcoin to determine the cause behind it.

Crystal Intelligence data also backs the theory of hacking. In 2025, a Bybit hack resulted in the loss of $1.4 billion worth of Ethereum through phishing, demonstrating the sophistication of the malware used. Grogan believes that similar methods could have been employed in the Bitcoin transfer, given the size and inert nature of the funds.

However, blockchain analysis by Arkham challenges the hack theory. According to Arkham, the transfer of Bitcoins was not a hack but rather a consolidation of wallets. Some experts agree that it could be a wallet issue, while others suggest that it might not be the only explanation. Cointelegraph also featured an opposing opinion about the Bitcoin transfer. Despite the differing theories, none have been confirmed by peer-reviewed research, leaving both theories feasible.

Coinbase's involvement in the investigation underscores the growing concerns over crypto security. Crypto forensics is still in its early stages, and the lack of research makes the investigation challenging. As a result, the mystery surrounding the Bitcoin transfer remains unresolved. Grogan's theory, however, remains one of the dominant explanations for the movement of the $8 billion in Bitcoin.