Late in the evening of December 14, 2022, an address that had been dormant since 2017 awoke and executed outgoing transactions.
The address 1E278SJDBAuCEJX9LNfwK5AwkViG5edStx is a Legacy Address (P2PKH – Pay To Pubkey Hash) and has performed splits to SegWit addresses.
Address bought in April 2017 when Bitcoin was trading at $1,333 for a total expenditure of $801,203 for a net gain today of nearly $10 million ($9,900,692).
Onchain analysis indicates that Bitcoins were purchased on Bitfinex, while outbound transactions are likely a rotation to Segwit addresses. There are no apparent Inflows to Exchange at this time, but we will follow up in the coming hours and communicate any noteworthy updates if necessary.