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After 8 years, dormant pre-mined Ethereum worth $116M comes back to life

After 8 years, dormant pre-mined Ethereum worth $116M comes back to life

– A wallet address containing pre-mined Ethereum worth $116 million moved its entire stash of 61,216 Ether (ETH) to an address in the Kraken crypto exchange after lying dormant for eight years.

– During the pre-mine period, Ether traded at a price range of $300-$400, which would place the wallet’s worth at roughly $20 million at the time. However, eight years later, the tokens in question are worth more than $116 million.

– The transfer of 61,216 ETH required a minuscule transaction fee of $1.5 and 25.475673161 Gwei in gas price.

– The identity of the wallet owner remains unknown, but the incident highlights the importance of hodling as an investment strategy.

– Ethereum co-founder Vitalik Buterin discussed challenges in implementing new features on the blockchain at the Ethereum Community Conference (EthCC) event in Paris, including account abstraction extensions that allow users to pay their fees with any coins they are transferring.

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