Galaxy Digital Handles Record $9B Bitcoin Sale Linked to 2011 Hack

  • Over 80,000 Bitcoin, worth more than $9 billion, were sold in a major over-the-counter transaction.
  • The coins likely trace back to the 2011 MyBitcoin exchange hack, according to some analysts.
  • Galaxy Digital managed the sale, citing estate planning as the client’s reason for selling.
  • Blockchain analysis shows the coins moved for the first time in 14 years, with no on-chain evidence of the sale reported.
  • Discrepancies remain about the true identity of the seller, with speculation focused on the original MyBitcoin hack.

An over-the-counter sale involving over 80,000 bitcoin occurred last week, drawing significant attention from the cryptocurrency community. The transaction, handled by Galaxy Digital, appears to be one of the largest single sales in bitcoin history. The company’s CEO, Mike Novogratz, confirmed the sale, stating it was carried out for estate planning, but provided no further details.

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The coins involved are valued at more than $9 billion at current bitcoin prices. According to CryptoQuant CEO Ki Young Ju, the bitcoin may have originated from the 2011 hack of the MyBitcoin exchange, an event where a large sum of customer funds was lost. Galaxy Digital released a statement about the transaction, but avoided sharing specifics about the seller’s identity.

Blockchain analysts at Arkham Intelligence noted that the bitcoin came from wallets created between April and May 2011, and those coins remained largely untouched until they were split into eight new wallets as of early July 2025. The transferred amount—over 80,000 bitcoin—closely matches the quantity lost in the MyBitcoin hack, which was about half of the exchange’s holdings at the time. As reported on Wikipedia, the estimated loss stood at roughly 78,000 bitcoin.

Discussion continues online regarding the party responsible for the sale. Some social media users have suggested that only Galaxy Digital now knows the seller’s identity. There is ongoing speculation over whether the coins were transferred as part of a legal contract off the blockchain or via the movement of private keys instead of through a public transaction on the Bitcoin ledger.

Despite the scale of the sale, there were no direct on-chain transactions reported on the day the press release was issued, according to a retweet from Galaxy Digital’s head of research. Instead, the press release itself was published as an OP_RETURN note in an unrelated transaction between Galaxy Digital clients. The bitcoin had not been moved for fourteen years before this event.

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The MyBitcoin incident remains a subject of debate, and questions about its aftermath persist. The new sale highlights that large sums of bitcoin from early exchange hacks can resurface years later. For more details, see coverage about the sale, speculation about the source of the coins, and perspectives on historic exchange hacks.

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