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HomeCrypto NewsMarketDormant Pre-Mined Address Holding 500 Ethereum Activated After Seven Years As ETH...

Dormant Pre-Mined Address Holding 500 Ethereum Activated After Seven Years As ETH Gains 6%

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An anonymous user activates a dormant pre-mined address containing over 500 Ethereum (ETH) coins after seven years.



Cryptocurrency whale tracking service Whale Alert reported that the dormant address containing 500 ETH had been activated after a little over seven years.

“A dormant pre-mine address containing 500 #ETH (631,500 USD) has just been activated after 7.3 years!” tweeted Whale Alert.

 

According to Whale Alert, the funds in the wallet were pre-mined before Ethereum was formally launched. The pre-mined ETH tokens were worth practically nothing when they were created. It’s interesting to note that 500 ETH is now worth $631,500.

The crypto community on Twitter, never to shy away from adding comedy to any development, “Vitalik found another dusty ledger under his bed,” tweeted one Twitter user.

Pecksheild further reveals that these 500 ETH belongs to an ETH ICO participant who transferred them to williamsutanto.eth. The address was created on July 30th, 2015. The price of 500 ETH back then was $1400.

 

However, the development is not the first time a dormant address has been reactivated after several years. As reported last month by The Crypto Basic, a dormant address containing 200 Ethereum was activated after seven years.

Notably, a week from the demise of FTX and its affiliated crypto businesses, cryptocurrency enthusiasts have pulled significant amounts of bitcoin and Ethereum off centralized trading platforms, with the proof-of-reserves subject gaining market-wide attention. Cryptoquant.com’s seven-day statistics show that since November 7, 2022, exchanges have experienced an exodus of more than $1.8 Billion in Ether and $3.4 billion in bitcoin, with the Crypto.com Ethereum wallet processing nearly 90,000 transactions in 24 hours.

Combining BTC and ETH removed from centralized exchanges from Nov. 7 to Nov. 13, the USD value equates to over $5.3 billion.

At press time, the live price of Ethereum is $1,255.45, a positive change of 6.13% over the past 24 hours, according to Coinmarketcap. The recent price action in Ethereum left the token with a market capitalization of $153,633,885,894.45. So far this year, Ethereum has experienced a drawdown of -65.82%.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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