After 8 years of inactivity, another Ethereum wallet suddenly transfers millions of dollars

By: Henry Felix

After 8 years of inactivity, another Ethereum wallet suddenly transfers millions of dollars

May 30, 2023 8:03 AM

Its owner purchased the tokens at Ethereum's initial coin offering (ICO) in 2015 when each ETH was only worth $0.31 cents.


After eight years of inactivity, an Ether (ETH) wallet that had been idle since 2015 has unexpectedly revived, moving a total of 8,000 ETH in just two minutes.


After taking part in Ethereum's ICO (initial coin offering) in 2015, the wallet's owner was rewarded→ with 8,000 ETH; nonetheless, the wallet remained dormant until May 27. Its owner took precautionary measures on that day, moving 1 ETH to a different wallet→. After waiting a minute, the remaining 7,999 ETH were sent to the new address.


The ETH stash is currently valued at around $14.7 million at the time of writing.


Lookonchain, a blockchain analytics firm, was the first to discover the transfer and informed its 219,000 Twitter→ followers.

 


There was some community discussion in the post's comments section about the rationale for the transfer. One user speculated that the owner had recently been released from prison, while another joked that they were moving funds from an old Ledger - a dig at the company's contentious new Recover upgrade.


At the time, 8,000 ETH were purchased at $0.31 per token, putting the first investment at around $2,500.


The owner has made a remarkable profit of $590,000.00 at the current price of $1,917.


It's not the only wallet from the ICO era that has been revived in recent months. On April 24, the owner of a wallet that had received 2,365 ETH ($4.5 million) did their first transaction in almost eight years by sending 2,360 ETH to a different wallet address.


After lying dormant for five years, another ETH wallet→ transferred 10,226 ETH ($19.6 million) to a new wallet address on March 5.


There isn't much paper trail associated with the new wallet address, either. The new wallet only shows one other ETH transaction, an incoming one for 207 ETH ($380,000) a few minutes before the most recent one. Notably, the rest of the 207 ETH was transferred from a different wallet→ that has been dormant since 12 June 2017.


According to Web3 wallet tracker DeBank→, the new wallet also holds $46 worth of a memecoin named Gensler (GENSLR) and only $0.24 worth of a dragon-inspired token called Dejitaru Tsuka (TSUKA).

 

Total token allocation in the owner's new wallet. DeBank is the source of this data.


Over the course of two fundraising periods in July and September of 2014, the Ethereum ICO was able to amass $18 million. For the pre-sale, the going exchange rate was 1 Bitcoin for 2,000 ETH. Because the blockchain for Ethereum wasn't released till July 30, 2015, investors waited for over a year to redeem and spend their Ether.


Dormant wallets containing large amounts of cryptocurrency can awaken for a variety of causes. Dormant wallets can sometimes revive after being hacked. In other cases, the owner may have simply forgotten about it and, upon rediscovery, has decided that now is a good time to sell.