Dormant Ethereum whale stirs, sending $116M worth of ETH to Kraken

Jul. 19, 2023

By Oluwapelumi Adejumo

Blockchain analyst Lookonchain reported that the whale received all of its assets from Ethereum Genesis's block.

An address containing 61,216 ETH that participated in Ethereum’s initial coin offering (ICO) has sent all the assets valued at $116 million to the Kraken exchange.

After more than eight years of dormancy, the wallet initiated the transfer, which took place on July 18. The whale first sent a test transaction of 0.05 ETH to the Kraken address before sending all of the balance to the same address.

Blockchain analyst Lookonchain first reported the transaction, noting that the address received all of the assets at Ethereum Genesis. The whale spent less than $300,000 to purchase the holdings as ETH was trading for $0.31 at the time.

Blockchain analyst Lookonchain first reported the transaction, noting that the address received all of the assets at Ethereum Genesis. The whale spent less than $300,000 to purchase the holdings as ETH was trading for $0.31 at the time.

The whale’s gain would have been much higher if it had sold when ETH traded at its peak of $4,864 in November 2021.

Meanwhile, the whale’s ETH movement has not impacted the digital asset’s price performance in the last 24 hours, with ETH being relatively stable at $1,900, according to CryptoSlate’s data.

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