October 3, 2023

Taylor Daily Press

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Ethereum wallet with millions is waking up after 8 years

Ethereum wallet with millions is waking up after 8 years

1 Ethereum (ETH) wallet, which has been inactive for 8 years, recently held 8,000 ETH. The owner of the wallet earned his coins by using them during the asset Initial coin offering (ICO). the whale He bought the coins in 2015 for $0.31 per ETH. With the current market price of around $1,900, that’s an increase of over 600,000%.

Ethereum worth $15 million

The transaction was revealed by blockchain analytics firm Lookonchain, which reported the news via Twitter brought out. The total value of the 8000 ETH coins is around $15 million at the time of writing. The owner was careful in his transaction and first sent 1 ETH to the other wallet, before transferring the remaining 7999 shortly thereafter.

Remarkably, the wallet shows very little activity. The only other ethereum transaction that took place was an incoming transaction of 207 ETH. These came from another account that was also inactive for a long time and the transaction took place 6 years ago.

Why is only ETH being sent now?

The Ethereum ICO raised $18 million in September 2014. At that time, cryptocurrency investors could buy 2,000 Ethereum coins for 1 bitcoin (BTC). In July 2015, the blockchain was launched and the first investors got access to their coins. Why the coins are now only being sent to another wallet by this user is unfortunately unknown.

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This usually happens because the investor intends to sell their cryptocurrency. In the crypto community, people speculate about controversy regarding Ledger and that the coin holder may have switched to another hardware wallet, such as Trezor.

The longer the wallet remains inactive, the greater the possibility of losing coins permanently. Bitcoin is probably the millions of BTC lost forever. It makes the 8000 ETH transaction more private.