- The entity used more than 1 Bitcoin to create 332 inscriptions
- No one has found out what the data means or who inscribed it
On January 6, an unidentified user paid fees of approximately $64,000 to inscribe almost nine megabytes of raw binary data on the Bitcoin blockchain, Cointelegraph reported. Ordinals explorer Ord.io posted on X that the entity used more than 1 Bitcoin to create 332 inscriptions at around 11:20 am on Jan. 6, consisting of the raw data.
No one has found out what the data means yet. Ordinals Show host Leonidas posted on X that the data might be encrypted, so the crypto community might never find out.
Bitcoin users are also wondering who inscribed the data to begin with. The Bitcoin address is simply titled “Unnamed” on Ord.io. The lengthy inscription starts with bc1pnp, ends with zwd0th and includes a range of math symbols as well as Greek and Latin letters.
Some inscriptions stand for pepperoni pizza
Two of the overwhelming 332 inscriptions bear a digital mark for pepperoni pizza. According to the Ordinals explorer, this contains elements of the 10,000 Bitcoin that user Laszlo Hanyecz spent on two Papa John’s pepperoni pizzas in 2010, the early years of the flagship crypto.
Who burned a million dollars?
In related news, a user sent 26.9 Bitcoin to the blockchain’s Genesis wallet, worth around $1.2 million at current prices. Genesis was the first Bitcoin wallet in existence.
Industry insiders put forth all kinds of theories in response. Coinbase executive Conor Grogan speculates that Satoshi Nakamoto left his dormant state and transferred the Bitcoin from BNB Chain or a user simply “burned a million dollars.”
Attorney Jeremy Hogan disagrees with the theory, suggesting that someone is clearing funds to avoid having to report them to the IRS. However, Satoshi is not subject to US tax laws, so his theory is probably false.
