Despite seven years of dormancy, an Ethereum-based address containing 500 ETH was activated and spotted by Whale Alert.
After more than seven years, a pre-mine Ethereum address containing 500 ETH is now activated. The Ethereum address contains $631,500 worth of ETH. However, the reason behind the activation of the address remains unknown.
The transferred funds ended up in the hands of the Chief Technology Officer of the Indonesian exchange, William Sutanto. Sutanto works as a CTO in Indodax.
The Ethereum dormant address
Apparently, another awakened ICO-era address occurred in late October. The recent occurrence, however, left many people astonished.
Some users joked about Ethereum’s Co-founder’s dusty wallet. The users suggested that Vitalik Buterin found his dusty wallet underneath his bed.
Twitter account, Whale alert reported the activation of another address containing 200 ETH. The address was also activated after 7.2 years of dormancy
The Ethereum token started trading at $2.77 on the Kraken exchange in 2015. The worth of Ethereum peaked at a whopping $4,878 in November 2021. Currently, Ethereum buys and sells at $1,252.
This comes after a decline of more than 74%. In September 2022, the Ethereum network launched the merge phase of its roadmap.
The merge involved a transition from a proof of work to a proof of stake system. However, despite its much-anticipated impact, the merge brought more bad than good.
The merge did not revive the competitiveness of the Ether. Consequently, the cryptocurrency continues to struggle after the recent FTX unprecedented exit and other minor issues.
