A wallet address containing pre-mined Ethereum tokens, valued at $116 million, has recently sprung back to life after lying dormant for eight years.
The entire stash of 61,216 Ether was moved to a Kraken exchange wallet address, marking a significant event in the crypto world.
In June 2014, Ethereum conducted a sale event that allowed early team members and co-founders to accumulate pre-mined Ether.
At that time, the network was unable to generate tokens independently, making this event crucial for the project’s development.
The Ether was acquired when the token traded in the range of $300 to $400, meaning the original wallet’s worth was approximately $20 million.
After remaining untouched for eight years, the value of the pre-mined tokens skyrocketed to over $116 million. Etherscan data confirmed the movement of the 61,216 ETH to a Kraken wallet address on July 18.
Interestingly, the transaction required a minimal fee of $1.5 and 25.475673161 Gwei in gas price, showcasing the efficiency of the Ethereum network.
This incident serves as a testament to the hodling investment strategy, which emphasizes the long-term accumulation of crypto tokens.
Despite the market’s ups and downs over the years, the wallet owner chose to hold their Ethereum, reaping substantial gains in the process.
Prior to the whale transaction, the wallet owner took a cautious approach to ensure the safety of their funds. They initiated a test transaction by sending 0.05 ETH to the Kraken address, verifying the accuracy of the details before proceeding with the main transfer.
Ethereum co-founder, Vitalik Buterin, highlighted some challenges during the Ethereum Community Conference (EthCC) event in Paris.
He discussed the implementation of account abstraction extensions, known as “paymasters,” which enable users to pay transaction fees with various cryptocurrencies.
However, developers still need to address certain obstacles, including upgrading current Ethereum accounts into smart contracts and ensuring compatibility with layer-2 solutions.
