An Ethereum address that had been dormant for over 7 years has suddenly come to life. The address participated in the blockchain‘s initial coin offering (ICO) and transferred one ether to a new address, which some speculate may have been a test transaction. This was the first transaction ever sent from the wallet.
The wallet in question received 2,365 ether, worth approximately $4.42 million today, during Ethereum’s genesis, according to on-chain analysis account Lookonchain. At the time of Ethereum’s ICO, one ether was valued at around $0.31. Today, the price of ether stands at $1,860.
Bitcoin whale addresses display similar activity after long periods of inactivity
The wallet’s activity follows two similar transactions from old Bitcoin whale addresses. On April 21, a bitcoin whale that had been inactive for a decade transferred 279 bitcoins worth $7.8 million to three new addresses. That transaction came a day after another long-dormant Bitcoin whale transferred 2,071.5 BTC worth $60.7 million after nine years of inactivity.
It is unclear why the wallet suddenly became active, but some have speculated that long-time crypto users may be moving old funds to new wallets amid an alleged wallet-draining operation targeting old wallets. However, concrete details on this theory remain scarce.