Ethereum

Million

Foundation

A dormant Ethereum address housing a treasure of pre-mined Ether worth $116 million has sprung to life. 
The address, which held 61,216 ETH, remained inactive for eight years before the colossal transfer to Kraken, one of the leading cryptocurrency exchanges. 
<h2 id="ethereum-s-2014-pre-mine">Ethereum’s 2014 pre-mine</h2> 
The pre-mine was a process by which a certain number of <a href="https://crypto.ro/en/cryptocurrencies/ethereum" rel="noopener noreferrer nofollow">ETH</a> were allocated to the Ethereum Foundation and other early contributors to the project. 
Eight years ago, in June 2014, the Ethereum ecosystem held a sale event. This allowed early team members and co-founders to accumulate pre-mined Ether at a time when the network started it’s development. 
Ether was valued back then at approximately $18,976.However, with the continued growth and adoption of Ethereum, the same tokens are now worth over $116 million. 
As reported by Lookonchain, a Twitter account that tracks large cryptocurrency transactions, the address “has just been activated after 8.0 years.” 
<blockquote class="twitter-tweet"> 
 An Ethereum ICO participant woke up after 8 years of dormaancy and deposited all 61,216 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>($116M) to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Kraken</a> 2 hrs ago. 
 He received 61,216 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>($116M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31.<a href="https://t.co/HLSXvqyBDb" rel="noopener noreferrer nofollow" target="_blank">https://t.co/HLSXvqyBDb</a> <a href="https://t.co/YWVlIcxN99" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/YWVlIcxN99</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1681476159253680128?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 19, 2023</a> 
</blockquote> 
This transfer, confirmed by Etherscan data, took place on July 18 at 7:30 pm Eastern Time. 
Notably, moving such an enormous sum in Ether entailed a surprisingly minor transaction fee of just $1.5, with a gas price of 25.475673161 gwei. 
The owner of this massive wealth remains shrouded in mystery. Nonetheless, the address owner’s actions provide a remarkable testament to the ‘hodling’ investment strategy – long-term accumulation of cryptocurrency tokens. 
<h2 id="safeguarding-a-116-million-ether-transfer">Safeguarding a $116 million Ether transfer</h2> 
The careful planning behind this transaction is evident in the owner’s meticulous approach to safeguard the funds against any potential loss from human error, by conducting a test transfer of 0.05 ETH to the <a href="https://crypto.ro/en/education/best-crypto-exchange/#6-kraken-most-secure-crypto-exchange" rel="noopener noreferrer nofollow">Kraken</a> address prior to executing the full transfer. 
<figure id="attachment_22603" aria-describedby="caption-attachment-22603" style="width: 100%" class="wp-caption alignnone"> 
 <img decoding="async" class="wp-image-22603 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether.webp" alt="Two operations associated with the transfer of pre mined Ether" width="1876" height="484" srcset="https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether.webp 1876w, https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether-300x77.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether-1024x264.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether-768x198.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether-1536x396.webp 1536w, https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether-750x193.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/07/Two-operations-associated-with-the-transfer-of-pre-mined-Ether-1140x294.webp 1140w" sizes="(max-width: 1876px) 100vw, 1876px" title="$116 Million worth of Ethereum activated after 8 years 1"> 
 <figcaption id="caption-attachment-22603" class="wp-caption-text">
 Two operations associated with the transfer of pre-mined Ether 
 </figcaption> 
</figure>

$116 Million worth of Ethereum activated after 8 years

Table of Contents

crypto.ro global

Other articles published on Jul 20, 2023

Shiba Inu’s Positive Outlook Amid Stagnant Trend: SHIB is Not a Pump-and-Dump Scheme

Bulls Start Today’s Session Active as Ripple (XRP) Dominates Again

Polkadot Loses Market Dominance As Borroe ($ROE) Prepares To Skyrocket Into The Top 100 Crypto Re...

XRP Price Poised to Reach $40 by September, Analysts Suggest

Gary Gensler Maintains Silence on Ripple Case Appeal

Elected Officials Are Fooling the Public: Claims Crypto Lawyer

Join our free newsletter for daily crypto updates!