Bennet Research Traces Mystery Behind 107 Burned Bitcoin

In May 2026, someone deliberately destroyed 107 bitcoin — roughly $8.3 million — by sending them to a provably unspendable burn address.

Bitcoin educator Bennet has now published detailed blockchain analysis tracing the coins back through a decade of wallet activity.

Five wallets, one owner

On May 25, five near-identical transactions were confirmed in block 950,962, each sending bitcoin from a different legacy address to 1111111111111111111114oLvT2, a well-known burn address that now holds over 809 BTC across roughly 260,000 transactions.

None of the coins sent there will ever move again.

The five addresses were all first funded on the same day in April 2014, within twenty-five blocks of one another, when bitcoin traded around $364.

Blockchain intelligence firm Chainalysis found “strong indicators of common ownership” across all five wallets, and traced most of the funds back to Mt. Gox, suggesting the owner was an early adopter.

Bennet noted the wallets operated on what appeared to be a rotational basis:

“One would send bitcoin to the exchange until its activity stopped, then another would take over with transactions of a similar cadence and value.”

The $1 million round trip

One wallet stood out from the rest.