After three years of dormancy, a massive ethereum whale that participated in the project’s first token sale, also known as the Genesis initial coin offering (ICO), spent 145,000 ether worth just over $276 million using today’s ethereum exchange rates.
Mega Ethereum Whale Distributes 145,000 Ether to 9 Different Addresses
On August 14, 2022, onchain data indicates that a whale who participated in the Ethereum Genesis ICO has moved 145,000 ETH to various addresses. The funds were worth $276 million using current ETH exchange rates. It was the first time the Genesis ICO participant spent coins since 2019, back when 5,000 ETH exited the whale’s wallet. At the time of writing, the address currently holds 0.1177 ETH worth $22,4 after it emptied the 145,000 ether.
The transfers on Sunday were sent in multiple batches of 5,000 ETH, 10,000 ETH, and 20,000 ETH increments. The whale ended the transfers with a final 10,000 ETH transfer sent at 12:18 a.m. (UTC). The wallet owner also transferred 918.89 canto utility token (CANTO) after sending the final 10,000 ether from the wallet. Statistics show that the address currently has $26,770 worth of ERC20 tokens in the wallet as well. Most of the ERC20 token value ($26,439) is held in omisego (OMG).
The address also has an Enjin-crafted “Protocol of Quick Response” non-fungible token (NFT) worth 0.02 ETH or $38. Before sending out the 145,000 ETH, the whale also sent 5,000 ETH on July 31, 2019, when ether was exchanging hands for $220 per coin. That transaction in July 2019 was approximately $1.1 million in USD value. The 145,000 ether sent on Sunday was sent to nine separate blockchain addresses.
None of the nine addresses tied to the 145,000 ethereum have spent the stashes of coins and some of the addresses hold the CANTO token that was sent from the original address. It’s worth noting that the term “spent” in this article, simply means the transfer of ETH from one address to another address. There really is no way of knowing whether or not the coins were “sold” or are “meant to be sold” on the open market.
So-called ‘sleeping cryptocurrencies’ wake up all the time, and after remaining idle for three years, it’s really not that long in the grand scheme of things. For instance, on August 10, 2022, the blockchain parser btcparser.com caught 41.55 BTC that derived from 11 years ago or June 19, 2011. The bitcoins officially ‘woke up’ at BTC block height 748,851 when they were spent. Blockchain parsers are always catching ‘sleeping cryptocurrencies’ waking up. However, the aformentioned ETH whale is far more colossal in size, compared to the old bitcoiner that transferred 41 BTC from 2011.
What do you think about the 145,000 ethereum spent after sitting dormant for three years? Let us know what you think about this subject in the comments section below.