Someone who participated in the Ethereum initial coin offering (ICO) in 2014 just sent their ETH to crypto exchange Kraken after lying dormant for the better part of a decade.
Blockchain tracker Lookonchain first spotted the entity depositing 1,732 Ethereum to Kraken just as ETH broke the $3,000 level.
[adinserter block="1"]It’s not clear what the individual is planning to do with their ETH, but once it’s on an exchange like Kraken, it can potentially be sold on the open market. The entity bought Ethereum at the ICO price of $0.31, meaning if they sold above $3,000, they made roughly a 10,000x or 1,000,000% on their initial investment.
“After the price of ETH surpassed $3,000, an Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 ETH($5.15M) to Kraken.
He received 3,465 ETH ($10.3M) at Ethereum Genesis, the ETH ICO price is ~$0.31.”
Etherscan data shows the address still has 1,733 ETH worth just over $5 million left in their wallet.
Lookonchain also spotted crypto hedge fund Galaxy Digital withdraw their 26,000 ETH worth $76.2M from Coinbase Prime and Binance.
Earlier this week, Lookonchain said that a mysterious entity had accumulated 64,000 Ethereum (ETH) in just 11 days.
Blockchain explorer Etherscan shows that the whale initially accumulated 1,100 ETH on February 8th prior to adding 9,959 ETH worth $24.67 million from crypto exchange Binance a few days later.
The deep-pocketed entity subsequently spent $60 million worth of the dollar-pegged stablecoin USDT to acquire 21,353 ETH at $2,810. After the large purchase, Lookonchain says the whale withdrew 10,649 ETH worth $30.68 million from Binance.
Yesterday, the crypto whale added to his already large Ethereum stack by withdrawing 11,587 ETH worth $33.5 million from Binance.
At time of writing, Ethereum is trading at $2,903.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
