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.
— 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.
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.