This unexpected awakening raises questions about the motives behind this move and the potential impact on the Ethereum market.
The Awakening Of A Sleeping Giant
On-chain analysts, Lookonchain, were the first to notice activity within this dormant wallet. The wallet initiated a test transaction, moving 1 ETH worth $1,845, followed by a transfer of the remaining 7,999 ETH ($14.7 million).
Looking into the wallet’s history reveals that it acquired its 8,000 ETH holdings during the Ethereum ICO at a bargain price of approximately $0.31 per token. This amounted to a mere $2,500 investment at that time.
The current value of these holdings implies roughly a staggering return on investment of around 591,900%, highlighting significant gains for early Ethereum investors. ..
Speculations On Moved Dormant Ethereum
In response to Lookonchain’s post revealing information about this moved dormant Ethereum wallet , speculations quickly arose within the crypto community. Some noted that this moved Ethereum from a dormant wallet might be from someone migrating from their old ledger wallet.
Over the past week, Ledger, a leading hardware wallet provider and a renowned name in secure crypto custody, faced significant backlash when it unveiled a new feature called Recover. This feature was intended to serve as a cryptographic backup for users’ seed phrases.
The backlash intensified when Ledger CEO Pascal Gauthier confirmed that the government could access clients’ private keys through the Ledger Recover feature if subpoenaed.
As the backlash escalated, Ledger had to halt the launch of its Recover feature and instead await the release of a white paper and further progress on its open-source roadmap before proceeding.
Potential Impact On The Market
-Featured image from Unsplash, Chart from TradingView
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