Ethereum Address Springs to Life 8.5 Years Post-ICO

The owner of an Ethereum address, which participated in the ICO and holds 492 ETH (approximately $1.14 million at the time of writing), has conducted transactions for the first time in 8.5 years.

? A dormant pre-mine address containing 492 #ETH (1,139,052 USD) has just been activated after 8.5 years!https://t.co/QI9hYG7GbD

— Whale Alert (@whale_alert) February 2, 2024

The coins had been held since July 30, 2015, the date of the cryptocurrency’s mainnet launch.

On February 2, 2024, a likely test transaction of 0.5 ETH was made from the address, followed by a transfer of 98 ETH to the same wallet.

According to Etherscan, the recipient address was generated by the Bitcoin exchange Kraken in January 2022.

Under Whale Alert’s post about the first movement of these long-held coins, jokes appeared suggesting the owner finally remembered their seed phrase.

Guy remembers his seed and instantly becomes a millionaire ?? wild

— John “₿” Nectarios (@J1General_) February 2, 2024

Similar comments were made when another early Ethereum investor made their first transaction in April 2023, transferring 2360 out of 2365 ETH obtained during the ICO to a new address.

In March, an address inactive for over five years moved 10,266 ETH, with part of the funds reaching the Poloniex exchange.