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Ethereum ICO Participant Moves $3.53M ETH After a Decade of Inactivity
December 27, 2024
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An anonymous cryptocurrency investor who took part in Ethereum’s Initial Coin Offering (ICO) has emerged after ten years of inactivity to transfer some of their ETH holdings.
The well-known on-chain platform Lookonchain reported this development today via X.
Transaction Details
Lookonchain announced that the Ethereum ICO participant made their first transaction today after 9.4 years of dormancy. In the latest transaction, the investor moved 0.01 ETH to an unknown address, “0x296…Ee557,” at 04:40 a.m. (UTC) today. With ETH currently trading at $3,394 per coin, this transaction is valued at $33.94 at the time of writing.
This is the wallet’s first transaction since receiving 1,940 ETH coins during the Ethereum ICO in 2015. Lookonchain states that the entire portfolio of 1,940 ETH was valued at $601 at the time. Interestingly, after a decade of holding, its value has skyrocketed to an astonishing $6.56 million today.
Transaction details | Lookonchain
Other Latest Transactions
Since the ICO wallet made its first transaction after the period of dormancy, it has been involved in a series of other transactions, sending and receiving ETH over the past few hours.
In total, the investor has transferred 1,042.22 ETH ($3.53 million) to various blockchain addresses and has only received 0.01 ETH ($34.25). As of now, the ICO wallet still holds 897.77 ETH, which is currently valued at $3.04 million.
The sudden awakening of a long-term dormant wallet usually generates excitement within the crypto community, leading to speculations that the wallet’s owner has recently regained access to their lost private keys.
Ethereum ICO Whale Reawakening
However, this type of activity is not isolated. In recent weeks, The Crypto Basic has reported a series of reawakenings of Ethereum ICO participants.
For example, on December 25, an Ethereum ICO investor transferred 4,160 ETH worth $14.5 million to the Kraken cryptocurrency exchange. This investor received 20,000 ETH during the Ethereum ICO and has been selling their holdings at local peaks since September 2024, offloading over 5,000 ETH in total.
In September, another Ethereum ICO wallet ended its two-year dormancy by selling 10,000 ETH at an aggregate price of $24.37 million. The following month, a wallet that also participated in the Ethereum ICO transferred $12.22 million worth of ETH tokens to Kraken.
These developments come as Ethereum strives to recover from the recent downturn that caused its price to drop to nearly $3,000. Currently, ETH is trading at $3,394, representing a 0.83% increase in the past 24 hours and a 2.59% increase in the past seven days.
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