Ethereum ICO Participant Wakes Up After 8 Years, Moves $3 Million In ETH

The Ethereum initial coin offering (ICO), which took place in 2014, represents one of the most significant events in the history of cryptocurrency. As the network had not begun generating tokens autonomously, the ICO event allowed early investors and enthusiasts to accumulate ETH, currently the second-largest cryptocurrency by market cap.

Latest on-chain data shows that one of the ICO participants has become active for the first time in more than eight years, transferring their pre-mined stash of Ether tokens to different addresses on Saturday, October 21. 

💤 A dormant pre-mine address containing 2,000 #ETH (3,198,920 USD) has just been activated after 8.2 years!https://t.co/0Mpx77N5fs

— Whale Alert (@whale_alert) October 21, 2023

Ethereum ICO Participant Awakens From Dormancy

According to blockchain data tracker Lookonchain, the address, which was part of the Ethereum Genesis, initially received 2,000 ETH over eight years ago. At the time, the Ether tokens were purchased for $620 at an ICO price of $0.31 per token. On Saturday, the ETH tokens in question changed wallets for the first time. 

An #Ethereum #ICO participant woke up after 8.2 years of dormancy and transferred all 2,000 $ETH($3.2M currently) to 4 addresses 10 mins ago.

He/she received 2,000 $ETH(the cost is ~$620) at Ethereum Genesis, and the ETH ICO price is ~$0.31.https://t.co/zyMsEZIlb3 pic.twitter.com/juvlKCnIsW

— Lookonchain (@lookonchain) October 21, 2023

The wallet holding the pre-mined stash of ETH had been dormant for exactly 8.2 years (July 2015). Thanks to the exponential growth of Ethereum and the entire crypto market, the value of these holdings has grown to nearly $3.2 million at the current price. 

In the X (formerly Twitter) post, Lookonchain highlighted that the ICO participant transferred the Ethereum tokens to four different addresses. About 500 Ether tokens were sent to each address, with minutes separating the transactions.

It remains to be seen whether the wallet owner is preparing to sell the tokens, stake on the network, or carry out other transactions. In the event of a sell-off, though, the price of ETH may experience momentary downward pressure.

Large transfers from early ICO participants are not exactly common occurrences, but there have already been a couple of similar transactions in 2023. Notably, an ICO participant moved $116 million worth of pre-mined ETH to a Kraken exchange address in July.

ETH Price Overview

As of this writing, Ethereum’s price stands at $1,605, reflecting a 0.7% decline in the past day. This comes on the back of a week where the value of ETH showed signs of recovery, registering a 3.8% price increase in the past seven days.

The past week was dominated mainly by the optimistic performance of Bitcoin and the false news of a spot ETF approval. This positive run of BTC, however, eventually rubbed on the broader cryptocurrency market, including the price of Ethereum.

Ethereum price hovers around the $1,600 mark on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from The Economic Times, chart from TradingView