• An Ethereum whale wallet that has been inactive for 9.9 years has become active. The wallet originally held 2,000 ETH worth just $620 in 2015, but its current value has now exceeded $5 million, an 820x return. 
• The 500 ETH was later moved to a wallet linked to Binance, suggesting potential liquidation.

A dormant Ethereum wallet has caught the attention of many after suddenly becoming active again following 10 years of inactivity. The wallet, which had been untouched since the early days of Ethereum, came alive and revealed Ethereum worth millions of dollars, sparking curiosity across the crypto community.

So far, the new activity of the wallet has sparked curiosity across the crypto community about the owner’s intentions and the future of the funds.

The activity in the wallet was recorded by Whale Alerts. This address has previously not made any transactions in 9.9 years. Back in 2015, when the wallet last made any form of movement, it held 2,000 ETH for about $620. However, with Ethereum’s current market price, that same amount is now valued at over $5 million, giving its owner about 820 times the returns of the initial investment. At Ethereum’s all-time high of $4,878 in 2021, the value of the assets would have reached a peak unrealized gain of 1,573x.

According to on-chain analysis, the first wallet movement happened when about 0.0001 ETH was sent from the dormant wallet, identified as address “0xcF26,” to a new address, “0x2C12.” This small transaction is what many call a test or “ping,” often used to check if a wallet is still functional before sending larger amounts. 

Shortly after this test transfer, the whale address moved 500 ETH into the newly created address. According to another blockchain data shared by Etherscan, the 500 ETH was quickly sent from the new address to another wallet labeled “0x28C6.” This address has been labeled in the past to be under the control of Binance. 

Currently, the original wallet still contains around 1,500 ETH, which is a little above $3.9 million as of the time of writing. Although there have been no additional transactions made from the wallet, the recent movement of 500 ETH points to the possibility of more sales, and the scale of the transaction indicates that a full liquidation might be under consideration.

More Reading: Bitcoin Follows Gold’s Path: A $160K–$180K Breakout on the Horizon?