All $116 million worth of assets were transferred to the Kraken exchange from addresses including 61,216 ETH that participated in Ethereum’s initial coin offering (ICO).
After being dormant for over eight years, the wallet started sending money on July 18th. The whale first sent a test transaction of 0.05 ETH to the Kraken address, then sent the balance all to the same address.
Blockchain analyst Lookonchain is the first report Confirm the transaction, noting that the address has received all the assets of Ethereum Genesis. ETH was trading at $0.31 at the time, so the whale spent less than $300,000 buying its holdings.
Despite ETH trading near $2,000 at the time of writing, investors saw a gain of over 40,000% due to the asset’s positive price action.
If ETH had sold when it peaked at $4,864 in November 2021, the whale’s gains would have been even greater.
Meanwhile, whale ETH movements have not impacted the price performance of digital assets over the past 24 hours, with ETH holding relatively stable at $1,900. of crypto slate data.
Earlier this year, we observed an increase in activity from several previously dormant Bitcoin wallets, raising concerns about potential security breaches.
Ethereum made its first coin offering in 2014, when the Ethereum Foundation issued 60 million ETH to early investors and used $18.3 million raised in the ICO to develop the Ethereum network.
Since the ICO, the Ethereum network has seen several developments, including last year’s move from a Proof of Work blockchain to a Proof of Stake network.
A story first appeared on CryptoSlate about a dormant Ethereum whale moving and sending $116 million worth of ETH to the Kraken.