Ethereum News

A dormant Ethereum address awakens after 7.7 years

An Ethereum address that had been completely inactive for the preceding 7.7 years became suddenly active. It accomplished this by executing a single transaction of one ether to an unmentioned address. This Ethereum address participated in the initial coin offering (ICO) for the blockchain. 

However, it only transferred a single ether, leading experts to conclude that it was a test transaction and nothing more for the time being. The new address was located in block 17110898. This was the wallet’s first and only transaction after such a protracted period of dormancy.

The wallet stated and referred to was able to obtain a total of 2,365 ether. Currently, this is equivalent to nearly $4.42 million. Each ether was worth $0.31 at the moment of Ethereum’s ICO. A comparison in terms of its present worth would bring it up to the amount of $1860. 

In the same situation, another Bitcoin titan, which had allegedly been dormant for ten years, transferred 279 bitcoins worth $7.8 million to three new addresses. This happened on April 21st, 2023. A day before this incident, another sleeping Bitcoin titan relocated 2,071.5 BTC worth $60.7 million after a nine-year slumber. 

At the moment, it is difficult for experts to pinpoint the exact cause of these unpredictable events, but the prevailing assumption is that a few crypto users are transferring old money to new wallets. However, for the time being, everything is based on simple assumptions.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button