Based on onchain metrics, a dormant wallet containing 61,216 ether acquired during the initial coin offering (ICO) has recently transferred the cryptocurrency after lying idle for a span of eight years. The funds have reportedly been sent to the crypto exchange, Kraken. This occurrence marks the fourth instance of activated ETH ICO tokens this year, with a substantial amount of nearly 80,000 dormant ether awakening and becoming active in 2023.
Ethereum ICO Whale Moves $116 Million in Ether After 8 Years of Slumber
Whale Alert, a blockchain parser, alerted the community on July 18, 2023, about the awakening of 61,216 ether following an eight-year period of inactivity. Lookonchain, onchain market observers, also tweeted regarding the transaction, highlighting that the user paid approximately $0.31 per ether. The Ethereum initial coin offering (ICO) occurred from late July 2014 to the first week of September in the same year.
💤 💤 💤 💤 💤 💤 💤 💤 💤 💤 A dormant pre-mine address containing 61,216 #ETH (116,396,127 USD) has just been activated after 8.0 years!https://t.co/f79T0fYa7b
— Whale Alert (@whale_alert) July 18, 2023
Although the user paid under $20,000 for the ether stash, the funds’ present value amounts to $116.5 million at current exchange rates. Apparently, the funds were sent to an ethereum address identified as a wallet owned by Kraken. As per Whale Alert metrics, before the substantial transfer of 61,216 ether, 8,000 ETH had been moved from an ICO wallet on May 27 of this year.
On April 23, 2023, an additional 2,365 ETH from the 2014 ICO became active, following a transfer of 7,900 ETH from an ICO participant on April 14. Before these four ICO participants moved a total of 79,481 ETH valued at $151.26 million, an individual transferred 2,075 ether on November 23, 2022. Notably, there were three instances of ETH ICO activations in November 2022, and an additional awakening took place on October 25, 2022, involving the transfer of 200 ETH.
What are your thoughts on the sudden awakening of dormant Ether ICO tokens in 2023 and the significant transfer to Kraken? Share your thoughts and opinions about this subject in the comments section below.