In a significant crypto move, a wallet address containing pre-mined Ethereum worth $116 million recently came to life after being dormant for eight years.

The entire stash of 61,216 Ether was transferred to an address on the Kraken crypto exchange. The Ethereum ecosystem conducted a sale event in June 2014, enabling early team members and co-founders to accumulate pre-mined Ether when the network couldn’t generate tokens autonomously.

At the time, the wallet held a value of roughly $20 million, but with the surge in Ether’s price over the years, it is now worth over $116 million.

💤 💤 💤 💤 💤 💤 💤 💤 💤 💤 A dormant pre-mine address containing 61,216 #ETH (116,396,127 USD) has just been activated after 8.0 years!https://www.bolnews.com/business/2023/07/dormant-ethereum-wallet-worth-116-million-moves-to-kraken-after-eight-years/amp/

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— Whale Alert (@whale_alert) July 18, 2023

The transfer of the 61,216 ETH to Kraken was confirmed by Etherscan data, showing a transaction fee of only $1.5 and a gas price of 25.475673161 gwei.

The identity of the wallet owner remains undisclosed, emphasizing the significance of holding—prioritizing the long-term accumulation of crypto tokens as an investment strategy.

Interestingly, the wallet owner took a cautious approach, ensuring no loss of funds due to human error. They initiated the transaction by sending a test transaction of 0.05 ETH to the Kraken address.

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At the Ethereum Community Conference event in Paris on July 18, Ethereum co-founder Vitalik Buterin discussed the challenges involved in implementing a new feature called “account abstraction extensions.”

This feature would enable users to pay their fees with the coins they are transferring. Buterin acknowledged the potential benefits of account abstraction but highlighted the need to address challenges, including upgrading current Ethereum externally-owned accounts to smart contracts and ensuring compatibility with layer-2 solutions.

The movement of the pre-mined Ether highlights the ever-evolving crypto landscape and the growing value of long-held assets in the decentralized realm.