Ethereum Investor Awakens After 8-Year Slumber
A dormant Ethereum (ETH) account suddenly became active on Monday, transferring over $773,000 worth of the digital asset to the leading US crypto exchange, Coinbase.
According to Whale Alert, the account in question had been inactive for more than 8.5 years, indicating it was likely a pre-mined address.
💤 A dormant pre-mine address containing 238 #ETH (771,893 USD) has just been activated after 8.6 years!https://t.co/Py2J5EO1T8
— Whale Alert (@whale_alert) February 27, 2024
Pre-mining involves the creation of a cryptocurrency before its public launch.
The dormant account initially sent a single Ethereum to Coinbase, followed by 237.748 ETH in another transaction, as reported by blockchain tracking platform Arkham Intelligence.
Lookonchain revealed that the ETH was received at the initial coin offering (ICO) price of $0.31. With ETH currently trading at $3,249, this implies a remarkable increase in the value of the account by 1,047,960%.
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Arkham Intelligence also pointed out that the unidentified wallet involved in the last transaction belonged to a user of the non-fungible token (NFT) marketplace, OpenSea.
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.
