Ethereum Wallet Abruptly Wakes Up After Nearly 10 Years, Sends ETH Stack to Crypto Exchange

A long-dormant Ethereum (ETH) whale abruptly woke up on Monday and sent more than $773,000 worth of the second-largest digital asset to the top US crypto exchange Coinbase.

The crypto-tracking platform Whale Alert notes the wallet is a pre-mine address that wasn’t active for more than 8.5 years.

Pre-mining refers to the creation of a crypto asset before it is launched publicly.

The pre-mine whale first sent a single Ethereum to Coinbase, followed by 237.748 ETH in a subsequent transaction, according to the blockchain tracking platform Arkham Intelligence.

The crypto tracker Lookonchain notes the address received the ETH at the Ethereum initial coin offering (ICO) price of $0.31. With ETH trading at $3,249 at time of writing, that means the whale’s holdings skyrocketed by a staggering 1,047,960%.

Other recent large transactions involving ETH on Whale Alert’s radar include:

Arkham Intelligence notes that the unknown wallet on the last transaction belonged to a user of the non-fungible token (NFT) marketplace OpeanSea.

ETH is up more than 2% in the past 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

Leave a Reply

Your email address will not be published. Required fields are marked *