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Ethereum Wallet Abruptly Wakes Up After Nearly 10 Years, Sends ETH Stack to Crypto Exchange

February 28, 2024

A long-dormant Ethereum (ETH) whale abruptly woke up on Monday and sent more than $773,000 worth of the second-largest digital asset to the top US crypto exchange Coinbase.

The crypto-tracking platform Whale Alert notes the wallet is a pre-mine address that wasn’t active for more than 8.5 years.

Pre-mining refers to the creation of a crypto asset before it is launched publicly.

The pre-mine whale first sent a single Ethereum to Coinbase, followed by 237.748 ETH in a subsequent transaction, according to the blockchain tracking platform Arkham Intelligence.

The crypto tracker Lookonchain notes the address received the ETH at the Ethereum initial coin offering (ICO) price of $0.31. With ETH trading at $3,249 at time of writing, that means the whale’s holdings skyrocketed by a staggering 1,047,960%.

Other recent large transactions involving ETH on Whale Alert’s radar include:

Arkham Intelligence notes that the unknown wallet on the last transaction belonged to a user of the non-fungible token (NFT) marketplace OpeanSea.

ETH is up more than 2% in the past 24 hours.

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