Ethereum: Dormant Address Moves Tokens After 600,000% Profit
After being inactive for over 7 years, an Ethereum address that participated in the initial coin offering of the blockchain has shown signs of activity.
Just 30 minutes ago the wallet sent 2,359 to a new address, which occurred at block height 17117616.
As per Lookonchain’s on-chain analysis, the Ethereum wallet received 2,365 ether during Ethereum’s genesis, now valued at approximately $4.42 million.
An Ethereum ICO participant woke up after 7.7 years of dormancy and transferred 1 $ETH to a new address.
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
— Lookonchain (@lookonchain) April 24, 2023
At the time of Ethereum’s ICO, one ether was valued about $0.31. However, currently, the price of one ether is at $1,860. This means that the address in question purchased the tokens for a total of $733, representing a 599,900% profit on the investment.
Like some of the old Bitcoin whale addresses, the Ethereum wallet mentioned earlier has also displayed movement recently. An example of this trend is the transfer of 279 bitcoins worth $7.8 million from a decade-long dormant Bitcoin wallet to three new addresses on April 21.
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In another similar case, a different inactive Bitcoin wallet transferred 2,071.5 BTC worth $60.7 million after lying dormant for nine years the very next day.
It is unclear why these old wallets have become active again. Some people believe the moves are connected to a supposed wallet-draining operation allegedly targeting old wallets. However, there is limited information available to substantiate this claim.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
