Mystery Bitcoin burn destroys 107 BTC worth about $8.5M

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Source: Galaxy Research While analysts have yet to find a definitive answer, the curious burn sparked numerous theories. Galaxy Research speculated that the 107 Bitcoin may have been burned due to tax loss harvesting, or destroyed for being the product of illicit activity. However, there was no clear link found between the funds and prior hacks or cyberattacks. The research company also said that the burn may have been a mistaken transfer by an artificial intelligence (AI) agent, who transferred the coins to the wrong address. Related: Bitcoin price shrugs off $1.3B BlackRock ETF block sale Bloomberg ETF analyst Eric Balchunas also said that the burn may have been conducted by a “rogue AI agent,” or executed due to a potential kidnapping, or tax-related reasons. Conor Grogan, the head of product business operations at Coinbase exchange, said that the burn was “most likely an exchange that messed up their cold storage transfers” in a Thursday X post. Magazine: Bitcoin ETFs bleed $1B, Aave’s $71M ETH unfreeze bid delayed: Hodler’s Digest, May 10 – 16 More on the subject

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