1. BITBILIHome
  2. Article

Dormant wallet springs back to life; moves pre-mined Ethereum stash worth $116m

• 111 views

TL;DR Breakdown

  • A previously dormant crypto wallet transferred over 61,000 Ether (ETH), worth $116 million, to a wallet linked to the Kraken exchange.
  • Acquired during the 2014 Ethereum ICO, the tokens, known as ‘whale’ due to the massive volume, may hint at the owner’s intention to sell, stake, or diversify.
  • The significant transfer showcases the benefits of ‘hodling,’ an investment strategy focusing on long-term crypto accumulation, and echoes a trend of large token movements to exchanges this year.

Description

A historic crypto transaction occurred a few hours ago when a crypto wallet transferred over 61,000 Ether (ETH), currently worth $116 million, after a long slumber of eight years. This dormant account awoke with a splash, stirring the crypto community with speculation and curiosity. Journey of a dormant giant The crypto wallet, 0x8b, had been … Read more

A historic crypto transaction occurred a few hours ago when a crypto wallet transferred over 61,000 Ether (ETH), currently worth $116 million, after a long slumber of eight years. This dormant account awoke with a splash, stirring the crypto community with speculation and curiosity.

Journey of a dormant giant

The crypto wallet, 0x8b, had been dormant since it acquired the Ether tokens in Ethereum‘s initial coin offering (ICO) in 2014. Blockchain data reveals this wallet transferred its entire treasure to another wallet, belonging to the prominent crypto exchange, Kraken. Interestingly, the original acquisition cost was a meager 31 cents per token during the ICOO, a far cry from today’s price that catapults the wallet’s value to over $116 million at press time.

image 770Dormant wallet springs back to life; moves pre-mined Ethereum stash worth 6m
A transaction indicating 61,000 ether has been transferred to a wallet belonging to a crypto exchange. Source: Ether

This event has caused a considerable stir in the crypto community, as large movements from early participants are quite unusual. Also, the hefty transaction raises questions about the owner’s intentions – are they planning to sell, stake on an exchange, or diversify into other tokens?

The strategy behind the crypto whale’s move

This awakening comes at a time when several old wallets are making significant moves. Earlier this year, a few so-called “whales” or influential crypto investors, known for their substantial digital wallets, shifted millions worth of Bitcoin to exchanges or other wallets. The actions of these whales often wield considerable influence over token prices and investor sentiment due to the size of their holdings.

During Ethereum’s pre-mine period in June 2014, a sale event allowed early team members and co-founders to accumulate pre-mined Ether. At that time, Ether traded between $300-$400, making this wallet’s holdings worth roughly $20 million. The wallet’s owner, whose identity remains shrouded in mystery, exhibited a cautionary approach in handling this huge transaction. A trial transaction of 0.05 ETH was sent to the Kraken address before the full transfer, ensuring no funds would be lost due to any potential error.

image 767Dormant wallet springs back to life; moves pre-mined Ethereum stash worth 6m
Source: Etherscan

This colossal transfer underscores the value of ‘hodling’, a crypto investment strategy emphasizing long-term accumulation. The owner of this Ether stash, acquired for just a fraction of its current value, is a testament to the potential of this strategy.

As the crypto industry witnesses this extraordinary event, the question of who this crypto whale is, and what their next move will be, hangs in the air.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Dormant wallet springs back to life; moves pre-mined Ethereum stash worth $116m

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月20日 04:06
Next 2023年7月20日 06:56

Related articles

  • Congressman Torres takes aim at SEC’s crypto oversight, calls for investigation

    TL;DR Breakdown New York’s Congressman Ritchie Torres has called for an investigation into the SEC for its “haphazard and heavy-handed approach to digital assets.” Torress calls into question the politics behind the registration process approval for Prometheum, a special-purpose broker-dealer license. The Congressman asks SEC Inspector General Deborah Jeffrey to look into the  “unusual backroom deal” that resulted in Prometheum being awarded a power that no other crypto exchange has yet obtained.  6 Republican senators sent a letter to the DoJ and the SEC, asking the agencies to look into Prometheum’s alleged ties with China. Description According to two letters made public on Thursday, Congressman Ritchie Torres has asked for two separate independent investigations into the United States Securities and Exchange Commission (SEC) for its “haphazard and heavy-handed approach to digital assets.” The representative accuses Gensler of “politicizing” the registration process by approving Prometheum’s special purpose broker-dealer license. New York Congressman … Read more According to two letters made public on Thursday, Congressman Ritchie Torres has asked for two separate independent investigations into the United States Securities and Exchange Commission…

    Article 2023年7月14日

  • Ripple vs. SEC: A decision looms, but regulatory clarity fights on

    TL;DR Breakdown Ripple Labs’ legal battle with the SEC stands out in crypto regulation. Since December 2020, Ripple, the blockchain payments business behind the XRP currency, has been fighting the SEC.  Garlinghouse also warned that the company’s legal battle with the SEC is “coming to a close.” Still, it is only the beginning of a larger conflict for the sector, and regulatory clarity “has to continue.” Garlinghouse claimed that “at worst,” Hinman “deliberately ignored the law” and attempted to “create new laws.” In view of possible SEC action against more crypto firms, he underlined the significance of industry collaboration. Description Ripple Labs’ legal dispute with the U.S. Securities and Exchange Commission (SEC) stands out in the dynamic world of crypto regulation. Since December 2020, Ripple, the blockchain payments company behind the XRP crypto, has been engaged in a legal battle with the SEC.  Ripple’s CEO, Brad Garlinghouse, has stressed the importance of ongoing efforts to … Read more Ripple Labs’ legal dispute with the U.S. Securities and Exchange Commission (SEC) stands out in the dynamic world of crypto regulation. Since…

    Article 2023年6月20日

  • FTX bankruptcy battle escalates as debtors bow to U.S. Trustee’s pressure

    TL;DR Breakdown Debtors involved in the bankruptcy case of the crypto exchange FTX have taken steps to revise their settlement proposal in response to objections raised by the U.S. Trustee.  In their revised motion, the debtors acknowledge that the U.S. Trustee has a role to play and, as a result, propose to include the U.S. Trustee as a “noticed party.” Among the notable changes to the proposal is the decision to lower the maximum value for claims covered by the settlement procedures which was originally set at $10 million, this upper limit will now be reduced to $7 million. Description Debtors involved in the bankruptcy case of the crypto exchange FTX have taken steps to revise their settlement proposal in response to objections raised by the U.S. Trustee. This development was conveyed through a court filing that took place on a Sunday. The U.S. Trustee had expressed concerns about an earlier motion for settlement put … Read more Debtors involved in the bankruptcy case of the crypto exchange FTX have taken steps to revise their settlement proposal in response to…

    Article 2023年8月22日

  • U.S. House Committees present discussion draft to clarify regulatory framework for crypto assets

    TL;DR Breakdown U.S. House Financial Services and Agriculture Committees have released a discussion draft proposing a regulatory framework for the crypto industry. The draft bill aims to clarify by allowing certain digital assets to be classified as digital commodities. The legislation addresses concerns related to registration, custody, and the lack of clear rules in the crypto space. However, its progress in Congress remains uncertain without bipartisan support. Lawmakers from the United States House Financial Services Committee and House Agriculture Committee have taken a decisive step towards providing regulatory clarity in the cryptocurrency industry. To address longstanding concerns of regulatory ambiguity and the lack of clear rules, they have released a draft discussion offering a potential pathway for certain crypto assets to be classified as digital commodities. The proposed legislation aims to establish a functional framework that tackles the challenges faced by the industry. A framework for clarity The draft bill aims to prevent the U.S. Securities and Exchange Commission (SEC) from denying digital asset trading platforms the opportunity to register as regulated alternative trading systems. This regulatory move will enable…

    Article 2023年6月7日

  • XRP as security debate: attorney John Deaton sheds new light on classification

    TL;DR Breakdown Attorney John Deaton contributes to discussions on XRP safety and classification. Investors in this scenario could be deemed part of a single company. Deaton’s insights highlight the need for clarity in regulatory frameworks. Description Outspoken attorney and cryptocurrency advocate John Deaton continues to make waves in the discussions surrounding the safety of XRP, a digital currency associated with Ripple Labs.  Deaton recently responded to a tweet from user Caesar Korvinus, who expressed their decision to purchase XRP based on the reputation of Ripple Labs’ Chief Technical Officer, David Schwartz, … Read more Outspoken attorney and cryptocurrency advocate John Deaton continues to make waves in the discussions surrounding the safety of XRP, a digital currency associated with Ripple Labs.  Deaton recently responded to a tweet from user Caesar Korvinus, who expressed their decision to purchase XRP based on the reputation of Ripple Labs’ Chief Technical Officer, David Schwartz, and the presence of other board members with strong technical backgrounds. Deaton, never one to shy away from expressing his views, chimed in and shed light on the potential implications of…

    Article 2023年6月27日
TOP