An anonymous user activates a dormant pre-mined address containing over 200 Ethereum coins after seven years.
A dormant pre-mined wallet containing a huge sum of Ethereum (ETH) has just been activated after several years. Cryptocurrency whale tracking service Whale Alert reported that the dormant address containing the sum of 200 ETH was activated after seven years and two months.
Whale Alert noted that the funds in the wallet were pre-mined before the official launch of Ethereum. At the time the ETH coins were pre-mined, they were worth almost nothing. Interestingly, as the cryptocurrency price has soared over the years, the 200 ETH are now valued at $282,115.
“A dormant pre-mine address containing 200 #ETH (282,115 USD) has just been activated after 7.2 years!” Whale Alert tweeted.
— Whale Alert (@whale_alert) October 25, 2022
Still Worth A Fortune
The owner of the address could have taken advantage of the last bull run when a unit of Ethereum changed hands above $4,800. However, the 200 Ethereum coins in the wallet are still worth a fortune at the current ETH exchange rate of $1,468.
At press time, the owner of the address is unknown and it is unclear why the funds were reactivated after several years of being dormant. However, some crypto investors believe the owner could sell a large portion of the cryptocurrency in the coming days.
For one reason or another, many investors have left their crypto assets dormant for years. Sometimes, the rationale behind this action is to hold the asset until its price soars. At other times, a crypto address could be left dormant due to unforeseen circumstances.
However, the development is not the first time a dormant address will be reactivated after several years. As reported earlier this year, a dormant address containing 100 Bitcoin was reactivated after more than 12 years.