Mystery Bitcoin burn destroys 107 BTC worth about $8.5M

An unknown entity burned $8.5 million worth of Bitcoin after 12 years of holding, rendering the BTC unspendable, despite its price increasing by 12,700%.

An unknown entity burned 107 Bitcoin, worth about $8.5 million at the time, effectively removing them from spendable circulation and sparking numerous theories after holding the funds for over 12 years.

On Monday, five Bitcoin (BTC) addresses sent a total of 107 BTC to the old burn address starting "11111," rendering them provably unspendable, according to onchain data shared by Galaxy Research in a Wednesday X post.

The transfer brought the total amount of Bitcoin sent to the burn address to 807 BTC, worth about $59 million at press time, according to blockchain data platform Arkham. 

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