Another dormant Ethereum wallet, inactive since the cryptocurrency’s ICO in 2015, has suddenly reawakened and moved 8,000 ETH within two minutes. The wallet’s owner, who acquired the tokens for a mere $0.31 each during the ICO, has now realized an astonishing 590,000% gain as each ETH is now valued at approximately $1,917. The $14.7 million transaction was first detected by blockchain analytics service Lookonchain, sparking speculation among the crypto community regarding the reasons behind the sudden transfer.
While some suggested humorous reasons for the large transfer, such as the wallet’s owner being released from prison or using an old Ledger, the fact remains that this isn’t the first ICO-era Ether wallet to reawaken in recent months. On April 24, another wallet holding 2,365 ETH ($4.5 million) transferred 2,360 ETH to a new wallet after nearly eight years of inactivity. A few months prior, yet another wallet moved 10,226 ETH ($19.6 million) after five years of dormancy.
These significant transactions raise questions about why these wallet owners have chosen to transfer their holdings now. While some might argue that it’s due to potential security breaches or hacking incidents, others claim it could be a simple case of the owner rediscovering their previously forgotten wallet and deciding that the current market conditions are favorable for selling.
The Ethereum ICO took place in two stages, with the pre-sale raising $18 million and the subsequent official launch on July 30, 2015. Due to this timeline and the duration between the ICO and the blockchain launch, some investors had to wait more than a year to redeem and use their purchased ETH. This could partially explain the long periods of dormancy associated with many of these wallets.
Ultimately, the sudden reawakening of previously inactive wallets creates intrigue and speculation, as the crypto community tries to understand the reasons behind such large transfers. Regardless of the reasoning, one thing remains clear: early adopters of Ethereum have reaped substantial rewards in recent years, and this trend seems to continue as more dormant wallets come to life.
Source: Cointelegraph
