Dormant Ethereum Wallet Comes Alive After 8 Years, Withdrawing 8,000 ETH

Lois Zaytsaw
Lois Zaytsaw Crypto
3 Min Read

An Ethereum wallet that had been inactive since 2015 has sprung back to life, swiftly moving a total of 8,000 ETH within a span of two minutes . The wallet originally acquired the tokens during Ethereum’s initial coin offering (ICO) in 2015, when the value of each ETH was a mere 31 cents .

Noteworthy Transaction Captures Attention of Blockchain Analytics Service

The dormant wallet received 8,000 ETH during the ICO and remained dormant until May 27, when its owner initiated a cautious transfer of 1 ETH to a new wallet address . Just a minute later, the remaining 7,999 ETH was also transferred to the new address . As of now, the value of the ETH stash stands at approximately $14 .7 million .

The transaction caught the attention of blockchain analytics service Lookonchain, which promptly alerted its 219,000 Twitter followers about the transfer .

dormant ethereum wallet comes alive after 8 years withdrawing 8000 eth 2

Speculations and Similar Incidents of Dormant Wallet Activity

Community members speculated on the motive behind the sudden transfer, with one commenter suggesting that the owner had been released from jail and another making a humorous remark about transferring funds from an old Ledger wallet, alluding to the controversial update of the company’s recovery process .

This isn’t the only instance of a dormant ICO-era Ethereum wallet awakening recently . In April another wallet that held 2,365 ETH ($4 .5 million) made its first transaction after eight years of dormancy, transferring 2,360 ETH to a new address . Similarly, in March a different Ethereum wallet moved 10,226 ETH ($19 .6 million) to a new address following a period of five years of inactivity .

Notably, the newly created wallet address has minimal transaction history, with only one incoming transaction of 207 ETH ($380,000) recorded just moments before the recent transfer . Interestingly this additional ETH came from another wallet that had been completely inactive since June 12, 2017 .

As cryptocurrency dormant wallets can wake up for various reasons, some of which include hacking incidents or simply owners rediscovering and deciding to liquidate their holdings, such occurrences continue to capture attention within the crypto community .

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Lois Zaytsaw
By Lois Zaytsaw Content Editor, Financial Writer
Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.
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