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<p class="is-style-lead">An Ethereum wallet address that has been dormant for eight years recently moved its entire stash of 61,216 ETH, valued at $116 million at spot rates as of July 19, to an address on Kraken, a crypto exchange.</p> 
<p>Initially worth approximately $20 million during the pre-mine phase, ETH prices have since surged, lifting the entire stash by 8X to roughly $116 million over the years.</p> 
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   <p lang="en" dir="ltr">💤 💤 💤 💤 💤 💤 💤 💤 💤 💤 A dormant pre-mine address containing 61,216 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#ETH</a> (116,396,127 USD) has just been activated after 8.0 years!<a href="https://t.co/f79T0fYa7b" target="_blank" rel="noopener noreferrer nofollow">https://t.co/f79T0fYa7b</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1681439947876622336?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 18, 2023</a> 
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<h2 class="wp-block-heading" id="money-on-the-move">Money on the move</h2> 
<p>Etherscan data verified the pre-mined 61,216 ETH movement to a Kraken wallet address on July 18 at 7:30 pm Eastern Time. Surprisingly, the transfer of $116 million worth of ETH incurred $1.5 in transaction fees.</p> 
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 <img decoding="async" width="1024" height="677" src="https://crypto.news/app/uploads/2023/07/Screen-Shot-2023-07-19-at-8.34.44-AM-1024x677.png" alt="Dormant whale awakens after 8 years, moves over $116 million of Ethereum to Kraken - 1" class="wp-image-14179398"> 
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   Ethereum Transaction | Source: <a href="https://etherscan.io/tx/0x7a0f1f30eea1d83b991b0e10bdda78b94e65ebeee1dca4d45d38a402ae60c390" target="_blank" rel="noopener noreferrer nofollow">Etherscan</a> 
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<p>Before sending, he first sent 0.05 ETH as a test to the <a href="https://crypto.news/kraken-co-founders-home-searched-by-fbi-in-march/" data-type="post" data-id="14176797" rel="noopener noreferrer nofollow">Kraken</a> address.</p> 
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   Ethereum USD Price Chart | Source: <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
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<p>Coinciding with this big move, ETH prices are down 0.19% in the last day, currently at $1,900.71.</p> 
<p> You might also like: <a href="https://crypto.news/aave-deploys-dai-stablecoin-competitor-on-ethereum/" rel="noopener noreferrer nofollow"> Aave deploys DAI stablecoin competitor on Ethereum </a> </p> 
<p>In April, there was a significant event where at least four wealthy investors, called “whales,” made large transfers of Bitcoin from their digital wallets to exchanges or other wallets.</p> 
<p>Typically, whales hold significant amounts of tokens, which can greatly affect a token’s price and overall perception whenever it is moved.</p> 
<h2 class="wp-block-heading" id="making-crypto-wallets-as-simple-as-ethereum">Making crypto wallets as simple as Ethereum</h2> 
<p>During his speech at the Ethereum Community Conference (ETHCC) in Paris, Vitalik Buterin, co-founder of Ethereum, praised modern account abstraction as a solution that is remarkably elegant.</p> 
<p>This upgrade does not require any modifications to the underlying protocol, making the transition seamless and without the need for such changes.</p> 
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<p>The concept of account abstraction has been in development since 2015, even preceding the launch of Ethereum itself.</p> 
<p>It aims to replace Externally Owned Wallets (EOAs) with smart contract-based wallets. If successfully implemented, it could simplify crypto wallet management to the simplicity of an email account.</p> 
<p> Read more: <a href="https://crypto.news/vitalik-buterin-shares-insights-on-ethereums-account-abstraction-journey/" rel="noopener noreferrer nofollow"> Vitalik Buterin shares insights on Ethereum’s account abstraction journey </a> </p>

Dormant whale awakens after 8 years, moves over $116 million of Ethereum to Kraken

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