An Ethereum wallet address that has been inactive for eight years recently moved its entire stash of 61,216 ETH, valued at $116 million at spot rates as of July 19, to an address on Kraken, a cryptocurrency exchange.
Initially worth about $20 million during the pre-mine phase, ETH prices have since risen, bringing the entire stash up by 8X to about $116 million over the years.
moving money
Etherscan data verified the movement of 61,216 previously mined ETH to a Kraken wallet address on July 18 at 7:30 PM ET. Surprisingly, the transfer of $116 million worth of ETH incurred $1.5 in transaction fees.
Before sending, he first sent 0.05 ETH as proof to the Kraken address.
Coinciding with this big move, ETH prices are down 0.19% in the past day, currently at $1,900.71.
In April, there was a significant event where at least four wealthy investors, called “whales”, made large transfers of Bitcoin from their digital wallets to exchanges or other wallets.
Whales usually have significant amounts of tokens, which can greatly affect the price of a token and the overall perception each time it moves.
Making crypto wallets as simple as Ethereum
During his speech at the Ethereum Community Conference (ETHCC) in Paris, Ethereum co-founder Vitalik Buterin praised the modern account abstraction as a remarkably elegant solution.
This upgrade does not require any modifications to the underlying protocol, making the transition seamless without the need for such changes.
(embed)https://www.youtube.com/watch?v=peW7bNpOPgg(/embed)
The account abstraction concept has been in development since 2015, even before the launch of Ethereum itself.
Their goal is to replace externally owned wallets (EOA) with contract-based smart wallets. If implemented successfully, it could bring crypto wallet management down to the simplicity of an email account.
