Dormant ICO Participant Wakes Up, Unleashes $6.7M in ETH

Dormant ICO Participant Awakens, Unleashing $6.7M in ETH

Say what? An Ethereum ICO participant who's been snoozing for nearly a decade just stirred and cashed out a cool 2,000 ETH. That's like $6.7 million, folks. Blockchain detectives at Lookonchain spilled the beans.

Who's Behind the Curtains?

Hold your horses! This isn't the only sleepyhead waking up. Other Ethereum ICO folks have been crawling out of the woodwork, shifting their ETH after years of hibernation.

Not Just One Lone Wolf

Remember that guy who stashed 1,732 ETH in Kraken after Ethereum hit $3,000? Yeah, that's just one of many. And back in November 2023, someone moved 3,000 ETH to Kraken from an account that scored 20,000 ETH at Ethereum's Genesis.

Why the Sudden Stirring?

So, why are these old-timers suddenly making moves?

Profit, Profit, Profit

Well, it's no secret that early Ethereum investors have made a killing. They bought ETH dirt cheap at the ICO and now it's worth a fortune. Cashing out or moving their holdings is a no-brainer to lock in those sweet profits.

Cashing In for Real Life

But it's not just about the money. Some folks might need the liquidity for personal or business reasons. Or maybe they're just feeling the market vibes or the latest tech upgrades.

Dencun: The Spark That Ignited

Interestingly, the latest ICO-era address came back to life just after the Dencun upgrade. This upgrade is supposed to make Ethereum run like a dream, slashing rollup fees and speeding up operations. It's like introducing bigger boxes to carry more stuff, making rollups like Arbitrum, Optimism, and Starknet way cheaper.