Ethereum ICO participant moves coins for the first time in almost eight years

After seven years and nearly nine months, an Ethereum ICO participant address made its first outbound transaction.

An Ethereum ICO participant woke up after 7.7 years of dormancy and transferred 1 $ETH to a new address.

He received 2,365 $ETH($4.42M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/hOfBSyml19 pic.twitter.com/yoMoB6vE9n

— Lookonchain (@lookonchain) April 24, 2023

In July 2015 the wallet received 2,365 ETH during the initial coin offering, when ETH was priced at $0.31.

After 2,823 days, the holder made the first transaction with them, sending 1 ETH (about $1,862 at the time of writing).

Some commentators speculated that this was a test transfer ahead of selling the entire amount, worth about $4.4 million.

One user joked that the unknown owner had ‘just found the seed phrase’.

No .. he just found his phrase .. lol

— bicky siansu (@bickysianzu) April 24, 2023

The movement of dormant digital assets that had lain idle for a long time typically draws the community’s attention. In December 2022 an unknown sender transferred 22,982 ETH that had lain dormant for four years (~$27.1 million at the time).

More often, transfers of early Bitcoins come under the scrutiny of analysts and service providers. On April 19, transactions involving 6,071 BTC, which had been dormant for more than nine years, were recorded.

Two days later, an unknown distributed 278 BTC from a wallet holding 1,128 BTC to three new addresses. The coins had not moved for more than a decade.

In March, Cane Island Alternative Advisors analyst Timothy Peterson calculated that 6 million BTC out of the 19.3 million mined have been irretrievably lost. However, Coin Metrics had previously suggested that part of the assets that have lain unmoved for more than five years could be in the hands of long-term investors.