A pre-mine Ethereum address containing 500 ETH ($631,500) has finally been activated, according to information provided by Whale Alerts, after more than seven years. The reason the address above was enabled after so many years is unknown. Some users began making jokes about Vitalik Buterin, the co-founder of Ethereum, discovering a dusty wallet.
💤 A dormant pre-mine address containing 500 #ETH (631,500 USD) has just been activated after 7.3 years!https://t.co/1YOxGrB1VO
— Whale Alert (@whale_alert) November 15, 2022
Ancient Ethereum (ETH) Whale Address Activated After Seven Years
The disputed money appear to have been moved to William Sutanto, the indodax exchange’s chief technology officer in Indonesia. Cryptocurrency wallets frequently reactivate themselves after extended periods of hibernation. In the latter part of October, another ICO-era address came to life.
Ethereum’s development, which ultimately led to it being the second-largest blockchain, was financed with the aid of pre-launch tokens valued at $18 million. In 2015, the Kraken exchange’s opening price for the ETH token trading was only $2.77. The cryptocurrency’s price reached an all-time high of $4,878 in November 2021. After falling more than 74%, the cryptocurrency currently trades at $1,252.
As part of the Merge upgrade, Ethereum eventually switched to proof-of-stake in the middle of September. Since the blockchain’s beginning, this upgrade has been the most awaited. The much-awaited improvement, though, was unable to restart Ether’s bullish phase. The macro headwinds and the FTX crises contribute to the current cryptocurrency struggles. Citron Research is still unfavorable toward Ethereum.
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