In a surprising turn of events, an Ethereum wallet that had been dormant since 2015 has suddenly come to life, with a significant movement of 8,000 ETH occurring within a mere two minutes.
The inactive wallet had received 8,000 ETH during Ethereum’s initial coin offering (ICO) back in 2015 and remained untouched until May 27.
On that day, the wallet’s owner initiated a cautious transfer of 1 ETH to a new wallet address. Just one minute later, the remaining 7,999 ETH were swiftly transferred to the same new address.
As of now, the value of the ETH held in this wallet amounts to approximately $14.7 million.
This intriguing transaction was initially brought to light by Lookonchain, a blockchain analytics service, which promptly shared the information with its 219,000 followers on Twitter.
Within the comments section of the post, community members engaged in speculation regarding the motive behind the recent transfer. One commenter suggested that the wallet owner had been recently released from prison, while another humorously remarked that the funds were being moved from an old Ledger, alluding to the contentious Recover upgrade by the company.
During the time of the initial purchase, the 8,000 ETH tokens were acquired at a price of a mere $0.31 per token, resulting in an initial investment of approximately $2,500. Considering the current price of $1,917, this showcases an astonishing gain of 590,000% for the wallet owner.
Interestingly, this is not the sole instance of a previously dormant Ether wallet from the ICO era resurfacing in recent months. On April 24, another wallet, which had received 2,365 ETH (equivalent to $4.5 million), conducted its first transaction in almost eight years, transferring 2,360 ETH to a new wallet address.
Similarly, on March 5, another ETH wallet, inactive for a span of five years, initiated a transfer of 10,226 ETH (worth $19.6 million) to a new wallet address.
Remarkably, the new wallet address exhibits minimal transaction history. The sole recorded ETH transaction in the new address was an incoming transfer of 207 ETH (equivalent to $380,000), occurring a few minutes before the most recent transfer. Notably, these additional 207 ETH were sent from another wallet that had remained entirely dormant since June 12, 2017.
In the span of two stages from July to September 2014, the Ethereum ICO successfully raised $18 million. During the pre-sale, the exchange rate stood at 1 Bitcoin for 2,000 ETH. However, it was not until July 30, 2015, that the Ethereum blockchain was officially launched, resulting in a waiting period of over a year for investors to redeem and utilize their Ether, according to Cointelegraph.
Dormant wallets holding substantial amounts of cryptocurrency can be revived due to various factors. Sometimes, such wallets resurface as a result of being compromised by hacking attempts. In other cases, it occurs simply because the owner may have forgotten about the wallet’s existence, and upon rediscovery, they may decide that the timing is opportune for selling their assets.
On this note, it is worth remembering that Blockchain technology plays a pivotal role in today’s digital landscape, primarily due to its inherent transparency and immutability. With blockchain, nothing can be hidden, particularly when it comes to transactions and their accompanying details. The decentralized nature of blockchain ensures that every transaction is recorded on a public ledger, visible to all participants in the network.
This transparency instills trust and accountability, as any transactional activity can be traced back to its origin. The immutability of blockchain further solidifies its significance, as once a transaction is recorded on the blockchain, it becomes practically impossible to alter or tamper with the information.
This aspect provides an invaluable layer of security and authenticity, making blockchain technology a cornerstone for industries where transparency, traceability, and trust are paramount, such as finance, supply chain, and healthcare.
Regardless of the crypto winter that the market had to endure, by harnessing the power of blockchain, organizations and individuals can ensure a higher level of accountability, eliminate fraud, and foster a more efficient and trustworthy digital ecosystem.