A participant in Ethereum's initial coin offering (ICO) has resurfaced after remaining dormant for over eight years. They today moved 61,216 ether (ETH), worth over $116 million, to crypto exchange Kraken.

The participant had received the ETH only for 31 cents a coin at Ethereum's Genesis, worth around $18,980 at the time, on-chain analysis account Lookonchain noted. One ETH is currently trading at over $1,900.

ETH transfer 

The reason behind the participant’s transfer of ETH to Kraken remains unclear. Such movements to crypto exchanges often indicate an intention to sell an asset, stake it or acquire other assets. The ETH price remains unaffected by the transfer, with the asset continuing its upward trend.

Several dormant crypto holders have moved funds in recent months. In April, an Ethereum ICO participant woke up after 7.7 years and transferred one ETH which some speculated indicated a test transaction. Also in April, a bitcoin (BTC) whale that had been inactive for a decade transferred 279 BTC — worth $7.8 million at the time of the transaction — to three new addresses. That transaction came a day after another long-dormant bitcoin whale transferred 2,071.5 BTC — worth $60.7 million at the time of the transaction — after nine years of inactivity.