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A bitcoin wallet that had been dormant since 2013 transferred 500 BTC worth around $31 million on Monday, becoming one of several long-inactive addresses to move funds following the Coldcard wallet exploit.

The wallet, identified as 18TExP, had remained untouched for more than 12 years before sending its entire balance to a new address, according to blockchain tracker Whale Alert. The same bitcoin holdings were valued at only about $500,000 when they last moved in 2013.

While the transaction confirms that an old wallet holder moved the coins, it does not reveal why the transfer occurred. A dormant address becoming active can happen for many reasons, from personal asset management to security-related decisions.

In this case, the timing has drawn attention because the transfer happened amid the ongoing Coldcard security incident. Some analysts believe the wallet owner may have moved the bitcoin as a precaution after concerns emerged around the vulnerability.

Blockchain analytics platform Lookonchain highlighted the transaction, noting that the holder transferred all 500 BTC, worth approximately $31.27 million, after more than a decade of inactivity. The firm suggested the move could be linked to concerns surrounding the Coldcard exploit.

The security breach, which began on July 30, has affected certain Coldcard wallet configurations and allowed attackers to drain bitcoin from vulnerable addresses. Research from Galaxy estimates that losses connected to the incident have climbed to roughly $130 million.

The exploit has also renewed debate around self-custody risks, with some market participants pointing to increased bitcoin flows into exchanges as users evaluate their wallet security.

Surge in Older Bitcoin Transfers

The 500 BTC transaction was not the only movement involving long-dormant bitcoin holdings during this period.

CryptoQuant’s spent output age bands data, which tracks bitcoin transfers based on how long coins remained inactive before being spent, showed a notable increase in activity among older wallets.

Bitcoin held for more than 10 years recorded about 935 BTC in transfers on August 3, marking the highest daily movement for that group since March 20. Separately, wallets holding coins dormant for five to seven years moved roughly 6,388 BTC on July 31.

Older bitcoin movements do not necessarily indicate a reaction to a security event. They can occur due to inheritance transfers, custody migrations, exchange reorganizations, or routine portfolio changes.

However, the concentration of large dormant wallet movements shortly after the Coldcard incident has raised speculation that some long-term holders may be proactively moving their bitcoin to newer addresses to reduce potential risks.