Ethereum ICO Participant Transfers $116M ETH After 8 Years of Dormancy

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Ethereum ICO Participant Transfers $116M ETH After 8 Years of Dormancy

Coindesk2023/07/19 07:30

By:Shaurya Malwa

Ether posted nominal gains in the past 24 hours alongside the broader market.

A wallet that received over 61,000 ether (ETH) in the initial coin offering (ICO) eight years ago, transferred the entire amount to a wallet on Wednesday, shows. The wallet is said to belong to crypto exchange Kraken.

These holdings are worth over $116 million at curren t prices. The ether was purchased for 31 cents a token during the ICO.

Wallet 0x8b to another wallet, and then to the , the data shows. The owner of the wallet is unknown as of Wednesday. The only previous movement was when the wallet received ether from the genesis contract after Ethereum launched.

Transaction showing 61,000 ether that was moved to a crypto exchange wallet. (Etherscan)

Such large movements from early participants are typically uncommon. This movement could mean the holder is preparing to sell tokens, stake on an exchange, or diversify their holdings for other tokens.

The movement is the latest in a line of old wallets moving tokens such as bitcoin (BTC) or ether (ETH) to exchanges this year.

In April, at least four wallets moved or to other wallets. These investors are colloquially known as "whales" because they hold large amounts of tokens in their digital wallets – which can influence the price or sentiment around a token because of the size of their holdings.

Edited by Parikshit Mishra.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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