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Ethereum ICO participant’s address springs to life; transfers one Ether after more than 7.7 years

Ethereum ICO participant's address springs to life; transfers one Ether after more than 7.7 years

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TL;DR

  • Seven and a half years later, an Ethereum address that initially participated in the ICO suddenly transferred one ether.
  • The wallet in question received 2,365 ether, worth approximately $4.42 million today, during Ethereum’s genesis.

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.

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The Ethereum ICO participant was inactive for more than 7.7 years. Source: Etherscan

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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