Ethereum Whale Moves $5.15 Million After 8.5 Years of Inactivity

An unidentified user transferred 1,732 ETH (~$5.15 million) to the Kraken exchange after 8.5 years of inactivity, as noted by researchers at Lookonchain.

After the price of $ETH surpassed $3,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH($5.15M) to #Kraken.

He received 3,465 $ETH($10.3M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/K6xOHILdne pic.twitter.com/o50JKxXxzP

— Lookonchain (@lookonchain) February 20, 2024

According to on-chain data, the address received 3,465 ETH (~$10.3 million) during the Ethereum Genesis ICO at a price of $0.31.

The wallet still holds 1,733 ETH, valued at just over $5 million.

On February 20, Lookonchain experts also observed that Galaxy Digital withdrew 26,000 ETH (~$76.2 million) from the Binance exchange.

On-chain data shows that #GalaxyDigital withdrew 26K $ETH($76.2M) from #CoinbasePrime and #Binance in the past 12 hours.https://t.co/oPJdrwWcwS pic.twitter.com/b80Lr2DqzM

— Lookonchain (@lookonchain) February 20, 2024

At the time of writing, the second-largest cryptocurrency by market capitalization is trading at $2,976, having gained 1.5% in the past 24 hours. The coin’s market capitalization stands at $357 billion, according to CoinGecko.

Previously, the owner of an Ethereum ICO address with 492 ETH (~$1.14 million at the time of transfer) made their first transactions in 8.5 years.

In March 2023, an address dormant for over five years moved 10,266 ETH. Part of the funds was transferred to the Poloniex exchange.