An Ether wallet (ETH) that has been dormant since 2015 has suddenly awakened after eight years of dormancyand has moved a total of 8,000 ETH in just two minutes.
He purse received 8,000 ETH after participating in the Ethereum ICO (Initial Coin Offering) in 2015 and remained inactive until May 27, 2023. That day, its owner began with a precautionary transfer of 1 ETH to a new purse. A minute later, he transferred the remaining 7,999 ETH to the new wallet address.
At the time of writing these lines, the ETH stash is worth approximately $14.7 million. This transaction was first noticed by the blockchain analytics service lookonchain, who informed his 219,000 Twitter followers of the transfer.
An Ethereum ICO participant who has been dormant for 8 years woke up today.
— Lookonchain (@lookonchain) May 28, 2023
An Ethereum ICO participant who has been inactive for 8 years woke up today. He has transferred the $8,000 ETH ($14.7 million) to a new address.
In the comment section of the post, the community speculated on the reason for the move. a commentator He suggested that the owner had just been released from prison, while another made a comment humorous that they were transferring funds from an old Ledger, a stinging comment on the company’s controversial new Recover update.
At the time, the 8,000 ETH was purchased at a price of just $0.31 per token, putting the initial investment amount at about $2,500.
At current prices of USD 1,917, This is a staggering 590,000% profit for the owner.
This is not the only ICO-era Ether wallet that has reawakened in recent months. On April 24, another purse which received 2,365 ETH ($4.5 million) made its first transaction in almost eight years, with the owner transferring 2,360 ETH to a new wallet address.
On March 5, another purse de ETH transferred 10,226 ETH ($19.6 million) to a new wallet address after being inactive for five years.
The new wallet address also has no significant transaction history. The only other ETH transaction recorded in the new wallet is an incoming transaction of 207 ETH ($380,000) that took place just minutes before the most recent transfer. It should be noted that the additional 207 ETH were sent from another purse which had been completely inactive since June 12, 2017.
Curiously, the new wallet also contains $46 of a memecoin called Gensler (GENSLR), and just $0.24 of a dragon-inspired token called Dejitaru Tsuka (TSUKA), according to data from Web3 DeBank wallet tracker.
The Ethereum ICO raised USD 18 million in two phases between July and September 2014. The pre-sale exchange rate was 1 Bitcoin to 2,000 ETH. The Ethereum blockchain didn’t launch until July 30, 2015, meaning investors had to wait over a year before they could redeem and use their Ether.
Dormant wallets with large amounts of crypto can wake up for a variety of reasons. Sometimes they wake up because they have been hacked. Other times, it’s simply because the owner may have forgotten about it and, upon rediscovering it, has decided that it might be a good time to sell their content.
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