Ethereum ICO Wallet 'Wakes Up' After 8 Years
After 8 years, a whale account that participated in the Ethereum ICO has begun transferring its entire investment to a single wallet.
Ethereum ICO Wallet 'Wakes Up' After 8 Years
According to data tracked by Lookonchain, a wallet that acquired 8,000 Ethereum (equivalent to $14.8 million) during the Ethereum ICO in 2015 has started moving its funds from the original wallet to a new address, drawing attention from the community.
An Ethereum ICO participant who has been dormant for 8 years woke up today.
— Lookonchain (@lookonchain) May 28, 2023
He transferred all 8000 $ETH($14.7M) to a new address.https://t.co/1griKB9Te9 pic.twitter.com/1bvQh3zsqY
Specifically, the user conducted a test transaction of 1 ETH before transferring the remaining 7,999 ETH to another wallet. This new wallet has a limited history, with the most recent transaction being 207 ETH just minutes prior. The transferred funds came from a wallet that had been inactive since 2017.
Maybe switch from Ledger?
— Robert Tarabcak (@tarabcak) May 28, 2023
The reason for this consolidation is still unclear. Furthermore, there are no signs of funds being sent to an exchange or any profit-taking activities. However, some speculate that the user may be concerned about Ledger’s new Recover feature. Last week, Ledger faced significant backlash after launching this feature, prompting the company to temporarily suspend the service to address public outcry.
Looking back to the ICO days, when Ethereum was priced at just $0.31 per coin, the user spent approximately $2,500 to acquire 8,000 ETH. At current prices, this investment has yielded a staggering 618,000% profit, based on the current rate of $1,917/ETH.
ETH/USDT 1D Chart on Binance as of 09:00 AM, 29/05/2023
Similar scenarios have occurred over the past 6 months. For instance, two other wallets transferred substantial amounts of Ethereum during this period. The first wallet moved $27 million worth of ETH in December 2022, and the second wallet transferred $4.4 million in April 2023. Both of these wallets also held tokens acquired during ICOs.
#PeckShieldAlert 2 Dormant addresses transferred 22,982 $ETH (~27.2M) to 2 fresh addresses, their last movement was October 2018 (1,535 days ago).
— PeckShieldAlert (@PeckShieldAlert) December 19, 2022
These $ETH originated from Genesis and Poloniex pic.twitter.com/MXKpLnypif
An Ethereum ICO participant woke up after 7.7 years of dormancy and transferred 1 $ETH to a new address.
— Lookonchain (@lookonchain) April 24, 2023
He received 2,365 $ETH($4.42M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/hOfBSyml19 pic.twitter.com/yoMoB6vE9n
