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- 1 An Ethereum long slept wallet initial coin offering (ICO) has become active causing speculations in the crypto community.
- 2 The wallet remained untouched for 8 years, and has now made a move by transferring substantial holdings to another address.
An Ethereum wallet sudden awakening is creating a potential impact on the market. The motives behind the move are yet to be estimated. The asleep wallet since 2015 made a sudden move by transferring 7,999 ETH ($14.7M). It was first seen initiating the test transfer of 1 ETH worth $1845.
Earlier the participants of the Ethereum ICO had purchased the token around $0.31 per token that is $2,500 in total. This shows that the owner is sitting on a 591,900% return on investment at current price.
Ethereum ICO Combining Funds In Single Wallet
The funds transferred to another wallet with a limited transaction history. The other movement in the wallet is of 207 ETH ($380,000). The movement of funds is from the inactive wallet. The wallet has been dormant since 2017.
It raises the query to know why Ethereum ICO is combining all their funds in a single wallet. They are not sent to an exchange and also not sold on-chain.
In the same manner, the movement happened in December last year. $27 million of ether, moved from the two addresses. In this, some funds are from the Ethereum ICO. Similarly, the funds of $4.4 million were transferred in April.
ETH ICO Activity Raise Uncertainty
The Ethereum ICO participants raise the uncertainty. This activity has raised several questions. Many assumed that someone is migrating Ethereum from their dormant wallet.
Ledger, a wallet hardware provider is a known name in secure crypto custody. It has faced a huge opposition while launching a new feature known as Ledger Recover. This feature is helpful in recovering the lost seed phrase. This backlash turned severe when Pascal Gauthier, the CEO of Ledger, stated that through Ledger Recover the government could access the clients private keys.
As this opposition from the crypto community increased, Ledger was forced to halt the launch of the Recover feature. The CEO further stated that the open source roadmap and release of white paper will increase the trust among the community. This release will clarify the intention of Ledger.
Ethereum Surge in Block Size
Ethereum’s surge in the block size signifies its ability to handle more data and transactions per block. This will increase the network’s capacity. In this way, it shows the potential for improving scalability and transaction results.
By market capitalization, Ethereum is the world’s second largest cryptocurrency. The market remained unchanged because of the news of this un-sudden activation of the Ethereum ICO wallet . It has shown slight bullish signs, and up by 1.1% with a trading price of $1,845.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
