An Ethereum wallet address that has been dormant for eight years recently moved its entire stash of 61,216 ETH, valued at $116 million at spot rates as of July 19, to an address on Kraken, a crypto exchange.
Initially worth approximately $20 million during the pre-mine phase, ETH prices have since surged, lifting the entire stash by 8X to roughly $116 million over the years.
💤 💤 💤 💤 💤 💤 💤 💤 💤 💤 A dormant pre-mine address containing 61,216 #ETH (116,396,127 USD) has just been activated after 8.0 years!https://t.co/f79T0fYa7b— Whale Alert (@whale_alert) July 18, 2023
Money on the move
Etherscan data verified the pre-mined 61,216 ETH movement to a Kraken wallet address on July 18 at 7:30 pm Eastern Time. Surprisingly, the transfer of $116 million worth of ETH incurred $1.5 in transaction fees.
Ethereum Transaction | Source: Etherscan
Before sending, he first sent 0.05 ETH as a test to the Kraken address.
Ethereum USD Price Chart | Source: CoinMarketCap
Coinciding with this big move, ETH prices are down 0.19% in the last day, currently at $1,900.71.
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Typically, whales hold significant amounts of tokens, which can greatly affect a token’s price and overall perception whenever it is moved.
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The concept of account abstraction has been in development since 2015, even preceding the launch of Ethereum itself.
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