Ancient Ethereum Whale Comes Alive, Moves $116,000,000 in ETH at Over 616,000% Profit
A mysterious wallet address that has existed since Ethereum’s (ETH) inception has just moved its entire ETH stash after lying low for about eight years.
According to blockchain tracker Lookonchain, the Ethereum whale received 61,216 ETH on July 30th of 2015 after participating in the second-largest crypto asset’s initial coin offering (ICO) the prior year.
Hours ago the whale transferred the entire ETH holdings to an address the blockchain tracker has identified as belonging to Kraken, a cryptocurrency exchange.
The blockchain tracker says that the whale received the ETH from Ethereum’s Genesis contract at an approximate cost of $0.31, translating to a profit of approximately 616,029% in about eight years. The entire ETH holding, which is now worth around $116.9 million, cost the whale slightly less than $19,000 at the time of the ICO.
Ethereum is trading at $1,910 at time of writing.
While the mysterious wallet now holds zero Ethereum, there are numerous other tokens that it owns.
During Ethereum’s ICO more than 50 million ETH were sold raising around $17.3 million at the time. Some of the proceeds went to the nonprofit Ethereum Foundation while a portion was allocated to the crypto asset’s founding team.
A similar transfer of Ethereum by a hitherto dormant whale of coins acquired during the crypto asset’s early days occurred in April. Then, the whale moved 2,635 ETH at an equally eye-popping profit of 594,000%.
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