Dormant Pre-Mined Address Holding 500 Ethereum Activated After Seven Years As ETH Gains 6%

An anonymous user activates a dormant pre-mined address containing over 500 Ethereum (ETH) coins after seven years.

Cryptocurrency whale tracking service Whale Alert reported that the dormant address containing 500 ETH had been activated after a little over seven years.

“A dormant pre-mine address containing 500 #ETH (631,500 USD) has just been activated after 7.3 years!” tweeted Whale Alert.

💤 A dormant pre-mine address containing 500 #ETH (631,500 USD) has just been activated after 7.3 years!https://t.co/1YOxGrB1VO

— Whale Alert (@whale_alert) November 15, 2022

According to Whale Alert, the funds in the wallet were pre-mined before Ethereum was formally launched. The pre-mined ETH tokens were worth practically nothing when they were created. It’s interesting to note that 500 ETH is now worth $631,500.

The crypto community on Twitter, never to shy away from adding comedy to any development, “Vitalik found another dusty ledger under his bed,” tweeted one Twitter user.

However, the development is not the first time a dormant address has been reactivated after several years. As reported last month by The Crypto Basic, a dormant address containing 200 Ethereum was activated after seven years.

Notably, a week from the demise of FTX and its affiliated crypto businesses, cryptocurrency enthusiasts have pulled significant amounts of bitcoin and Ethereum off centralized trading platforms, with the proof-of-reserves subject gaining market-wide attention. Cryptoquant.com’s seven-day statistics show that since November 7, 2022, exchanges have experienced an exodus of more than $1.8 Billion in Ether and $3.4 billion in bitcoin, with the Crypto.com Ethereum wallet processing nearly 90,000 transactions in 24 hours.

Combining BTC and ETH removed from centralized exchanges from Nov. 7 to Nov. 13, the USD value equates to over $5.3 billion.

At press time, the live price of Ethereum is $1,255.45, a positive change of 6.13% over the past 24 hours, according to Coinmarketcap. The recent price action in Ethereum left the token with a market capitalization of $153,633,885,894.45. So far this year, Ethereum has experienced a drawdown of -65.82%.

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