One Ethereum (ETH) wallet, which was inactive for 8 years, recently has 8,000 ETH. The owner of the wallet got his coins by using them during the original initial coin offering (ICO). The whale had bought the coins in 2015 for $0.31 per ETH. With the current market price of around $1,900, that’s an increase of more than 600,000%.
Ethereum worth $15 million
The transaction came to light by blockchain analytics company Lookonchain, who reported the news via Twitter brought outside. The total value of the 8,000 ETH coins is around $15 million at the time of writing. The owner was careful in his transaction and first sent 1 ETH to the other wallet, before transferring the remaining 7,999 shortly afterwards.
An Ethereum ICO participant who has been dormant for 8 years woke up today.
He transferred all 8000 $ETH($14.7M) to a new address. pic.twitter.com/1bvQh3zsqY
— Lookonchain (@lookonchain) May 28, 2023
Remarkably enough, the wallet shows very little activity. The only other ethereum transaction that has taken place is an incoming transaction of 207 ETH. These came from another account that was also inactive for a long time and the transaction took place 6 years ago.
Why is the ETH only now being sent?
The Ethereum ICO raised $18 million in September 2014. At the time, crypto investors could buy 2,000 Ethereum coins for 1 bitcoin (BTC). In July of 2015, the blockchain went live and early investors could access their coins. Why the coins are only now being sent to another wallet by this user is unfortunately unknown.
Usually this happens because an investor intends to sell their crypto. In the crypto community people speculate about the controversial regarding Ledger and that the owner of the coins may have switched to another hardware wallet, such as Trezor.
The longer a wallet is inactive, the more likely it is that the coins are permanently lost. Bitcoin is potentially millions of BTC lost forever. It makes the 8,000 ETH transaction all the more special.
2023-05-29 20:05:00
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