Bitcoin User Loses $7,000 by Sending to Satoshi’s Address

A Bitcoin (BTC) user made a blunder by accidentally sending almost his entire BTC balance to an address associated with Satoshi Nakamoto, the enigmatic creator of Bitcoin.

According to the on-chain analytic platform Arkham Intelligence, the user was trying to sacrifice an ordinal for PUPS—a BRC-20 meme coin in the Bitcoin blockchain.

However, the user incorrectly entered Satoshi Nakamoto’s address instead of the intended one. As a result, they sent over $7,000 worth of BTC to an address that has been inactive for years.

The accidental transfer has reignited speculation about Satoshi Nakamoto’s identity and the fate of the Bitcoin stored at his address. The associated address contains a significant amount of BTC.

Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?

Arkham Intelligence data reveals that the wallet now has a balance of 100.424 BTC, valued at $6.72 million at the time of writing. The address has remained untouched since Bitcoin’s creation in 2009. Currently, there is no indication that the BTC sent in this incident is accessible or moving, maintaining the status quo of inactive addresses.

The crypto community’s reaction to the bug has been a mix of sympathy and astonishment. Some feel pity for the user who lost a considerable amount of money without the possibility of recovery. On the other hand, others hypothesize that this surprising movement has a direct connection to Bitcoin’s creator.

“What if it wasn’t a mistake? What if it’s someone doing business with the real Satoshi? Or maybe even it is him,” a crypto community member speculated.

Read more: Who Owns the Most Bitcoin in 2024?

Despite the speculation, this incident serves as a reminder of the importance of carefully verifying transaction details, especially in the crypto space, where a single mistake can have irreversible consequences. Crypto users should always double-check addresses and fully understand the process before sending any funds.