An address containing 61,216 ETH that participated in Ethereum’s initial coin offering (ICO) sent all assets valued at $116 million to the Kraken exchange.
After more than eight years of inactivity, the wallet started the transfer, which took place on July 18. First, the whale sent a test transaction of 0.05 ETH to the Kraken address before sending the entire balance to the same address.
Blockchain Analyst Lookonchain First reported the transaction, noting that the address received all the assets in Ethereum Genesis. The whale spent less than $300,000 to buy the shares, as ETH was trading at $0.31 at the time.
Even though ETH is trading for almost $2,000 at the time of writing, the investor has seen an increase of more than 40,000% due to the positive price movement of the asset.
The whale’s gain would have been much higher if it had been sold when ETH was trading at its peak of $4,864 in November 2021.
Meanwhile, the ETH movement of the whale has not affected the price performance of the digital asset in the last 24 hours, with ETH relatively stable at $1,900, according to CryptoSlate data.
Earlier in the year, a number of previously inactive Bitcoin wallets saw increased activity, raising concerns about potential security breaches.
Ethereum ICO
Ethereum had its initial coin offering in 2014, with the Ethereum Foundation issuing 60 million ETH to early investors and using the $18.3 million raised from the ICO to develop the Ethereum network.
Since the ICO, the Ethereum network has undergone several developments, including its transition from a proof-of-work blockchain to a proof-of-stake network last year.
Post-Dormant Ethereum Whale Flushes, Sending $116 Million in ETH to Kraken Appeared First on CryptoSlate.
