After eight years of sleep, an Ether wallet that has not been used since Ethereum’s ICO (Initial Coin Offering) in 2015 suddenly awoke, moving 8,000 ETH in just over two minutes.
After taking part in Ethereum’s ICO (Initial Coin Offering) in 2015, the wallet received the 8,000 ETH and was inactive till May 27.On that day, its owner began with a cautionary transfer of 1 ETH to a new wallet. One minute later they transferred the remaining 7,999 ETH to the new wallet address.
The value of the ETH cache as of this writing is about $14.7 million.
The blockchain analytics company Lookonchain, which has 219,000 Twitter followers, was the first to spot this transfer.
The 8,000 ETH were purchased at the time for approximately $0.31 per token, making the initial investment roughly $2,500.
At today’s prices of $1,917, this marks a staggering 590,000% gain for the owner.