Summary
- Galaxy Research has identified six Bitcoin wallets that had remained inactive since 2011, 2012, and 2014, which collectively transferred coins valued at over $40 million over a ten-day period.
- Two of these wallets are associated with the "Salomon Client Dusted" label, linked to Noah Doe, a pseudonymous individual pursuing a lawsuit in New York to claim 39,069 dormant Bitcoin addresses.
- The oldest coins in this group were acquired for minimal amounts in mid-2011 and have appreciated more than 800,000% since their initial purchase.
Recently, it seems that six individuals may have rediscovered their Bitcoin holdings, possibly by accessing forgotten hard drives or recovering old keys.
While the exact circumstances remain a mystery, Galaxy Research has reported that between August 16 and August 26, six Bitcoin wallets that had been inactive since 2011, 2012, and 2014 transferred a total of 553.59 BTC, amounting to approximately $40.15 million.
Myriad: Predict Bitcoin's next price movement. Make your prediction.It's uncommon for holders from the 2011 to 2014 period to still have access to their original coins, which is why blockchain analysts pay close attention whenever such wallets become active.
The first wallet awakened on August 16, moving 8.54 BTC that had been untouched since June 13, 2011—15.1 years ago. These coins were initially purchased for approximately $14 each and were valued at $538,000 when they were finally transacted, reflecting an astounding gain of 461,981%.
There is no identifiable sender for this wallet, indicating anonymity in the ownership of the keys.
On August 18, the largest single transfer occurred when Galaxy reported that a wallet dormant since August 10, 2012, moved 212 BTC, now worth $13.66 million, which represents a potential return of 557,640% based on an initial investment of around $12.
This wallet is marked with the label "Noah Doe #1396 · Salomon Client Dusted," connecting it to the New York lawsuit seeking to declare numerous old Bitcoin addresses as abandoned property.
Later, another wallet from 2011 transferred 10.74 BTC, worth $692,000, after being inactive since June 17, 2011. This wallet also lacks any identifiable tags.
On August 22, two more wallets became active within a short time frame. Galaxy tracked 150 BTC moving from a wallet inactive since December 26, 2014, valued at $11.75 million, tagged "Noah Doe #1680" with a potential gain of 23,701%.
Shortly after, another 132.31 BTC, worth $10.37 million, transferred from three separate 2011 wallets. The individual gains for these wallets included potential returns ranging from 629,068% to 807,639%, based on initial costs of around $10 per coin.
🌚 Awakened — dormant 14+ years
40.00 BTC ($3.14M) untouched since first received 2012-05-28 (14.2y ago) — just moved in block 964127Address: 1MZX6ExdDzWefGbD6Dc4bShdBRoNA3ijLF
Sender Attribution: none in our DB
Recipient Attribution: Boerse Stuttgart Digital💰 Realized PnL:…
— Galaxy Research (@glxyresearch) August 26, 2026
The latest wallet to become active moved 40 BTC from a dormant account since May 28, 2012, to Boerse Stuttgart Digital, a German cryptocurrency custody bank. This transaction, which occurred at a cost basis of approximately $5 per coin, resulted in an extraordinary gain of 1,535,911%, the highest of all six transfers.
Possible Reasons for the Activity
The motivation behind these transfers remains uncertain, and due to Bitcoin's pseudonymous nature, it is typically challenging to reach out to the owners of such wallets for clarification.
However, two factors might provide insight into these recent movements. The first is the ongoing Noah Doe case in New York, where a pseudonymous plaintiff seeks to have the court rule that 39,069 dormant Bitcoin addresses should be considered abandoned property, triggering the movement of some tagged wallets.
In this case, plaintiffs notified numerous wallets with small "dust" transactions that included an on-chain message, referred to as "Salomon-dusted" by Galaxy. A judge halted a default judgment in early June, which has led to a series of wallet activations since then.
Myriad: When will Bitcoin reach a new all-time high? Make your prediction.The second potential reason could be related to security concerns. Reports indicate that following a vulnerability in Coldcard hardware wallets—leading to the movement of about $130 million in late July—approximately 233,000 BTC exited long-term wallets as owners sought to secure their funds, even though most were not actually at risk.
Neither of these theories account for the remaining wallets in this group, highlighting that sometimes dormant wallets simply become active for unknown reasons. However, the frequency of such movements has notably increased recently.
The trend of older Bitcoin wallets becoming active has been observed for at least two years but has accelerated in the past six months. Earlier this month, a wallet dormant since January 2014 moved 26.96 BTC, showcasing a pattern that Galaxy Research noted is becoming more prevalent.
None of the destination addresses from this recent activity, except for the one associated with Boerse Stuttgart Digital, have been linked to exchanges. The remaining wallets may currently be in cold storage or could be on the verge of being sold. In total, the six wallets have moved 553.59 BTC, valued at $40.15 million at the time of their transactions.