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.
READ MORE: Financial Markets at Risk: Impending Giant Credit Crunch Threatens Investor Confidence
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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
