In shocking turn of event, researchers from a Kentucky based lab have reportedly cracked eight out of twelve key mnemonics securing Satoshi Nakamoto’s Genesis Wallet. The wallet is considered to be a corner stone of Bitcoin’s (BTC) stability as the wallet holds, 1.1 billion Bitcoins.
The partial breach by the lab has ignited fear across the cryptocurrency community, with concerns revolving over the fact that this situation can cause potential market crash if the remaining four keys are decoded.
Breaking News: Satoshi Nakamoto’s Genesis Wallet Breach Puts 1.1 Million Bitcoins on the Brink!#Bitcoin #CryptoNews
In a stunning twist, The Onion News reports that researchers in a Kentucky lab have partially cracked the private keys of Satoshi Nakamoto’s legendary Genesis…
— Danny (@Bitbothawkeye) November 29, 2024
Satoshi Nakamoto’s Wallet Breach
There are twelve mnemonics that keep the Satoshi Nakamoto wallet secure. Out of these twelve mnemonics, eight have been decoded. The mnemonics words include “kentucky,” “chat,” “fried,” “Friday,” “vivo,” “chicken,” “dollar,” and “fifty”. These words have had the community questioning Satoshi Nakamoto’s mnemonic choices. The research lab if figures out the last four mnemonics through brute-forcing method, it will grant an access to fortune, which will cause a cascade of sell-offs.
Investors React to the Threat
This turn of event has undoubtedly sent shockwaves within the industry as it could cause a huge loss to the entire market.
According to other report, the experts and analysts believe that releasing the 1.1 billion Bitcoins will tank BTC value to a level that has not been observed in years, probably in thousands.
On the other side, despite the panic, some investor still remain optimistic. They argue that BTC’s inherent scarcity and decentralized nature will sustain its value over time and this is just a small hiccup along its $100,000 mark journey.
Moreover, analysts suggest that this event could give rise to innovation as the industry, after this event, would have to work more on strengthening security protocols and could increase market maturity.
Bitcoin’s Journey to $100,000 to be Affected?
This breach could potentially affect Bitcoin’s journey to $100,000 mark. If at all, all the mnemonics are decoded in the near future, before Bitcoin even reaches the $100,000 mark, with the increased supply of 1.1 billion BTC, the price of the token will decrease. With the downfall of BTC, the prices of other altcoins will also be affects which might cause a huge loss.
On the other hand experts believe that since it is not that easy to decode these mnemonics, by the time all the remaining mnemonics are decoded, BTC might have crossed the $100,000 mark and availability of another 1.1 billion BTC will not cause price to drop below the $100,000 mark. So, it all depends on when these mnemonics are decoded.
At press time, the BTC token price stands at $95,964.55 with a surge of 0.5% in the last 24 hours.
BTC 24 Hours Chart (Source: CoinGecko)
The coming days seem to be crucial for the Bitcoin trajectory. The investors are on a watch out for each and every development within the industry.
Read the full article here
