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.