Cryptocurrency suddenly lost $ 3 million in Ethereum after 8 years of inactivity

The latest online data shows that one of the ICO participants has been active for the first time in more than eight years and has transferred ETH digital tokens worth about $ 3 million to various addresses.

ICO in cryptocurrency is an abbreviation for Initial Coin Offerings. The term can be translated as «initial coin offering» — ed.

According to the blockchain tracker Lookonchain, the address that participated in the genesis of Ethereum received 2000 ETH more than 8 years ago. The asset price at that time was $ 0.31. The coins began their movement on Saturday, October 21.

Due to the exponential growth of Ethereum and the entire cryptocurrency market, the value of the whale’s reserves has increased from $ 620 to almost $ 3.2 million.

Lookonchain analysts emphasized that the ICO participant transferred tokens to four different addresses in equal proportions, with transactions separated by a few minutes. It is not yet clear whether the wallet owner is preparing to sell ETH, add the coins to staking, or continue to hold until the next bull cycle.

Large transfers from Ethereum ICO participants are not a common occurrence, but in 2023, blockchain trackers have already recorded several such transactions. In particular, in July, one of the participants of the initial public offering transferred ETH worth about $ 116 million to the Kraken exchange.

At the time of writing, the leading altcoin is showing a 3.11% gain and is trading at $ 1,678. The market capitalization of the asset amounted to $ 201.8 billion, and traders made daily trading deals worth $ 7.6 billion. Ethereum’s market share is 17.4%.