Dormant Wallet Inactive for 8 Years Moves 8000 ETH Worth $14.7M

• Initially, the owner transferred 1 ETH to a new wallet as a precaution.
• The original investment was roughly $2,500.

After lying dormant for eight years, an Ether wallet that was last used in 2015 has revived, swiftly transferring 8,000 ETH in under two minutes. After taking part in Ethereum’s ICO (initial coin offering) in 2015, the wallet’s owner was rewarded with 8,000 ETH; nonetheless, the wallet sat dormant until May 27.

On that day, the owner transferred 1 ETH to a new wallet as a precaution. They moved the remaining 7,999 ETH to the new address a minute later. The estimated value of the ether hoard at the time of this writing is $14.7 million. Lookonchain, a blockchain analytics firm, saw this exchange and tweeted about it.

The original investment was roughly $2,500, or the price per token at the time of purchase of $0.31. The owner has made a whopping 590,000% profit at today’s pricing of $1,917.

Several Dormant Wallets Turn Active

This isn’t the first dormant Ether wallet from the ICO period to be revived recently. Another wallet’s owner made their first transaction in over eight years on April 24, moving 2,360 ETH to a different wallet address. This was the equivalent of $4.5 million.

On March 5, another ETH wallet, which had been idle for five years, sent 10,226 ETH, or almost $19.6 million, to a different wallet address. Additionally, the new wallet address has a little transactional background.

A few minutes before the most recent transfer, a 207 ETH ($380,000) inbound transaction was logged in the new wallet. Importantly, the extra 207 ETH came from a different wallet that had been dormant since June 12, 2017.