The Bizarre Money-Burning Behavior of Bitcoin Continues: Paying $60,000 to Engrave Cryptographic Data and Sending 27 BTC to Satoshi Nakamoto’s Address

The Bizarre Money-Burning Behavior of Bitcoin Continues: Paying $60,000 to Engrave Cryptographic Data and Sending 27 BTC to Satoshi Nakamoto's Address

The Bizarre Money-Burning Behavior of Bitcoin Continues: Paying $60,000 to Engrave Cryptographic Data and Sending 27 BTC to Satoshi Nakamoto's Address

According to the information shared by Ord.io, an anonymous wallet address has sent 332 transactions on the Bitcoin network, and through these transactions, approximately 9 megabytes of encrypted data has been burned (or written) onto the Bitcoin blockchain. This means that these encrypted data are now permanently stored in the ledger of the Bitcoin network.

According to statistics, this wallet has spent a total of approximately 1.5 bitcoins on these transactions, which is equivalent to $66,000 in US dollars.

Currently, it is not clear what the motivation behind this wallet’s actions is, and because the data is encrypted, no one is currently able to read or understand the content of this data.

It is worth mentioning that this is not the only strange event that has occurred recently on the blockchain network. According to data on the chain, last week an anonymous wallet sent 26.9 bitcoins (equivalent to $1.2 million) to the Genesis wallet (the first wallet created on the Bitcoin network). This wallet is widely believed to belong to Bitcoin’s creator, Satoshi Nakamoto, but since Nakamoto’s wallet has not been active since 2010, this money is likely to never be retrieved.

Conor Grogan, a director at Coinbase, stated:

“Either Satoshi Nakamoto woke up and bought 27 bitcoins from Binance and deposited them into the wallet, or someone just burned $1 million themselves.”