{"id":18927,"date":"2023-05-29T02:04:42","date_gmt":"2023-05-29T02:04:42","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/another-dormant-ethereum-wallet-reawakens-after-8-years-moving-millions\/"},"modified":"2023-05-29T02:04:44","modified_gmt":"2023-05-29T02:04:44","slug":"another-dormant-ethereum-wallet-reawakens-after-8-years-moving-millions","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/another-dormant-ethereum-wallet-reawakens-after-8-years-moving-millions\/","title":{"rendered":"Another dormant Ethereum wallet reawakens after 8 years, moving millions"},"content":{"rendered":"
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An Ether (ETH) wallet that has been inactive since Ethereum\u2019s ICO (Initial Coin Offering) in 2015, has suddenly awoken after eight years of dormancy, moving a total of 8,000 ETH in just two minutes.<\/p>\n

The wallet\u00a0received the 8,000 ETH after participating in Ethereum\u2019s ICO (Initial Coin Offering) in 2015 and remained inactive until May 27. On that day, its owner began with a cautionary transfer of 1 ETH to a new wallet. One minute later they transferred the remaining 7,999 ETH to the new wallet address.<\/p>\n

At the time of writing, the ETH stash is worth approximately $14.7 million.<\/p>\n

This transaction was first noticed by blockchain analytics service Lookonchain<\/a>, which informed its 219,000 Twitter followers of the transfer.<\/p>\n

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An Ethereum ICO participant who has been dormant for 8 years woke up today.<\/p>\n

He transferred all 8000 $ETH<\/a>($14.7M) to a new address.https:\/\/t.co\/1griKB9Te9 pic.twitter.com\/1bvQh3zsqY<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) May 28, 2023<\/a><\/p><\/blockquote>\n

In the comments section of the post, there was some community speculation around the reason for the transfer. One commenter suggested<\/a> that the owner had just been released from prison, while another made a humorous remark<\/a> that they were transferring funds from an old Ledger \u2014 a pointed comment about the company\u2019s controversial new Recover upgrade. <\/p>\n

At the time, the 8,000 ETH was purchased at a price of just $0.31 per token, which places the initial investment amount at around $2,500. <\/p>\n

At today\u2019s prices of $1,917, this marks a staggering 590,000% gain for the owner. <\/p>\n

This isn\u2019t the only ICO-era Ether wallet to re-awaken in recent months. On April 24, another wallet which received 2,365 ETH ($4.5 million) made its first transaction in nearly 8 years, after the owner transferred just 2,360 ETH to a new wallet address. <\/p>\n

On March 5, another ETH wallet\u00a0transferred 10,226 ETH ($19.6 million) out to new wallet address after remaining dormant for five years.<\/p>\n

The new wallet address is also one with little in the way of any significant transaction history. The only other ETH transaction recorded in the new wallet is a 207 ETH ($380,000) incoming transaction that was made just a few minutes prior to the most recent transfer. Notably, the additional 207 ETH were sent from another wallet that remained completely inactive since June 12, 2017.<\/p>\n

Related: <\/em><\/strong>Arbitrum-based Jimbos Protocol hacked, losing $7.5M in Ether<\/em><\/strong><\/p>\n

Interestingly, the new wallet also contains $46 worth of a memecoin called Gensler (GENSLR), and just $0.24 worth of a dragon-inspired token called Dejitaru Tsuka (TSUKA), according to data from Web3 wallet tracker DeBank. <\/p>\n

Total allocation of token holdings in the owner\u2019s new wallet. Source: <\/em>DeBank<\/em>.<\/em><\/figcaption><\/figure>\n

The Ethereum ICO occurred in two primary stages. The first stage was the pre-sale, and between July 22 and Sept. 2, 2014 the sale of Ethereum tokens to new investors raised $18 million. The going exchange rate for the pre-sale was 1 BTC \u2014 for 2,000 ETH. The second stage was the official launch of the Ethereum blockchain which occurred on July 30, 2015. This meant that some investors waited more than a year to be able to redeem and use their ETH. <\/p>\n

Dormant wallets with vast sums of crypto can awaken for a variety of reasons. Sometimes dormant wallets reawaken because they\u2019ve been hacked. Other times, it’s simply because the owner may have forgotten about it and upon its re-discovery, have decided that it’s possibly a good time to sell. <\/p>\n

Crypto City: Guide to Osaka, Japan\u2019s second-biggest city<\/em><\/strong><\/p>\n