In an unexpected turn of events, a once-dormant wallet from Ethereum’s 2015 initial coin offering (ICO) has come to life, causing ripples in the crypto community. The wallet, which had remained untouched for eight long years, recently made a surprising move by transferring its substantial possessions to another address.
Following the mystery that comes with this move, Questions are being raised about the motives behind this unexpected awakening and the potential impact on the Ethereum market.
The awakening of a sleeping giant
chain analysts, lookonchain, they were the first to notice the activity within this inactive wallet. The wallet was first seen starting a test transaction, moving 1 ETH worth $1,845, followed by a transfer of the remaining 7,999 ETH ($14.7 million).
Delving into the history of the wallet, the wallet acquired its holdings of 8,000 ETH during the Ethereum ICO at a bargain price of approximately $0.31 per token, representing an investment of only $2,500 at the time.
The current value of these holdings implies approximately a 591,900% return on investment, underscoring the huge gains early Ethereum investors have experienced.
After the transfer, the funds made it to another wallet that shows limited transaction history. Interestingly, just moments before this happened, a separate incoming transaction of 207 ether ($380,000) was recorded on the same wallet.
This incoming transaction originated from a separate wallet that had been dormant since 2017. The reasons behind this consolidation and the subsequent movement of funds remain a mystery, leaving the crypto community to speculate on the possible reasons for such actions.
Speculations on Ethereum inactive moved
While the exact intentions of the Ethereum ICO participant are uncertain, the crypto community under the Lookonchain post revealing this information was quick to speculate. Some noted that this moving Ethereum from a dormant wallet could be from someone migrating from their old ledger wallet.
Over the past week, Ledger, a leading provider of hardware wallets and A big name in secure cryptographic escrow, it dealt a serious blow to its reputation when it introduced a new feature called Recover. Intended to serve as a cryptographic backup for users’ seed phrases, the announcement was met with a strong reaction from the community.
The reaction intensified when Ledger CEO Pascal Gauthier confirmed that the government could access customers’ private keys through the Ledger Recover feature in the event of a subpoena.
As the backlash mounted, Ledger was forced to halt the release of the Recover feature and instead wait for the release of a whitepaper and further progress on its open source roadmap before proceeding.
However, with Users, increasingly vigilant about the safekeeping of their digital assets, many have migrated away from Ledger in search of a more secure alternative. Speculation suggests that the person behind the movement of the dormant ETH could fall into this category.
Regardless, the Ethereum market stood its ground on this news. In the last 24 hours, Ethereum has shown slight bullish signs and is up 1.1% with a trading price of $1,845.
-Unsplash Featured Image, TradingView Chart
