Ethereum Holder Awakens After 9 Years, Transfers Fortune to Kraken!

• Initially acquiring 2,000 ETH for just $620, this early participant’s account reflects significant returns on the initial investment.
• Ethereum’s ICO in 2014 raised $18 million, with the blockchain officially going live in July 2015, marking its inception.

An Ethereum (ETH) account, dormant for over nine years, recently activated to transfer 5 ETH, approximately $13,000, to the Kraken cryptocurrency exchange. This event marks a rare instance of movement from an early Ethereum initial coin offering (ICO) participant, who initially received 2,000 ETH for just $620. 

An #Ethereum ICO participant woke up after over 9 years of dormancy and deposited 5 $ETH ($13.3K) to #Kraken .

The participant received 2,000 $ETH (ICO cost was $620, now worth $5.34M) at #GENESIS . https://t.co/VYbNI50KeC pic.twitter.com/NSiGNDJj2w

— Lookonchain (@lookonchain) September 25, 2024

The Ethereum ICO, conducted from late July to early September 2014, raised $18 million and led to the blockchain going live in July 2015.

During the ICO, 80% of the issued tokens were allocated to early investors, while the remaining 20% were divided among early team members and the Ethereum Foundation.

A small group of only 100 accounts held 40% of all ICO-era Ether tokens, highlighting the concentrated initial distribution. Ethereum’s initial supply was capped at 72 million tokens, contrasting sharply with today’s circulating supply of 120.3 million tokens.

The Ethereum Foundation, which received the largest share of the pre-mined coins, continues to make news with its ETH transactions . Despite recent sales, these moves have not significantly impacted the price of Ethereum. This resilience illustrates the complex dynamics of cryptocurrency markets, where various factors influence prices beyond mere supply and demand.

An #Ethereum ICO participant who gained 150,000 $ETH ($389.7M) deposited 3,510 $ETH ($9.12M) into #Kraken after being dormant for over 2 years!

The participant received 150,000 $ETH (ICO cost was $46.5K, now worth $389.7M) at #GENESIS . https://t.co/kmnmEbbwMY pic.twitter.com/0uVPdPwJ9M

— Lookonchain (@lookonchain) September 23, 2024

This recent transfer is reminiscent of a similar event earlier this year when another ICO participant moved over $9 million worth of ETH to Kraken after years of inactivity. Such transfers are uncommon, underscoring the typical pattern of long-term holding by early cryptocurrency adopters.

Currently, ETH trades at $2,625 per unit, per ETHNews data . The second-largest cryptocurrency by market cap has seen a 1% decline in price recently, with a 4% drop over the past month. These fluctuations reflect the ongoing volatility in the crypto markets, influenced by broader economic factors, investor sentiment, and market liquidity.