Ethereum Wallet Springs To Life After 8 Years, Netting Mind-Boggling 590,000% Gains

After eight years of dormancy, an Ethereum ETH/USD wallet that received 8,000 ETH from participating in the cryptocurrency project’s Initial Coin Offering (ICO) in 2015 has awoken and transferred its contents. 

What Happened: The owner of the wallet, which has been inactive since 2015, began with a $1 transfer to a new wallet before moving the remaining $14.7 million in ETH (7,999 ETH) to the new wallet in just two minutes on Saturday.

The transaction, which was first picked up by the blockchain analytics service Lookonchain, showed that the owner of the wallet had remained inactive since participating in Ethereum’s ICO six years ago. However, with today’s prices for ETH hovering around $1,903, this marked a staggering 590,000% gain for the wallet owner.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters:  In late April, another wallet that received 2,365 ETH (worth $4.5 million) began moving its assets after seven years of dormancy. 

Price Action: At the time of writing, ETH was trading at $1,903 up 2.53% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin Flirts With $28K, Ethereum, Dogecoin Rise Too On Debt-Ceiling Deal: Analyst Known For Calling Bottom Sees Apex Crypto At $29K — But There’s A Catch

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsEthereumICO
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!