Dormant $15 million wallet from Ethereum ICO wakes up after eight years

Quick Take

  • An Ethereum ICO participant has started consolidating their funds into a single wallet.
  • Similar movements have happened in other wallets over the last six months.

A dormant wallet that purchased 8,000 ether ($14.8 million) in the Ethereum ICO in 2015 has woken up and transferred its funds to another address.

The wallet first made a test transaction with 1 ether ($1,845) before sending the remaining 7,999 ether to the address, as noticed by on-chain analysts Lookonchain.

When the owner participated in the Ethereum ICO, or initial coin offering, the funds were purchased for around $0.31 per token, or just shy of $2,500 in total. That means the owner is sitting on a 591,900% return on investment at current prices.

The funds have been moved to another wallet with limited transaction history. The only other movement in that wallet is a 207 ether ($380,000) inbound transaction that was made only a few minutes earlier. These funds were sent from a different wallet that hadn't been active since 2017.

It's unclear why this Ethereum ICO participant is consolidating some — or all — of their funds into one wallet. They don't appear to have been sent to an exchange and haven't been sold on-chain.

These types of movements have happened a few times in the past. In December, two addresses moved $27 million of ether, of which some funds were from the Ethereum ICO. In April, another ICO participant moved $4.4 million of funds.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.