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Inactive Wallet Suddenly Transfers $53 Million Worth of ETH

Published 01/23/2023, 09:45 AM
Updated 01/23/2023, 10:00 AM
© Reuters Inactive Wallet Suddenly Transfers $53 Million Worth of ETH
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  • Lookonchain, revealed that an inactive wallet suddenly transferred $53 Million worth of ETH yesterday.

  • The wallet had remained inactive since Ethereum’s ICO which was six years ago.

  • Lookonchain has suggested that the funds are moved to staking contracts.

An on-chain specialist, Lookonchain, revealed that an inactive wallet that was last active in Ethereum (ETH) initial coin offering ICO has suddenly transferred $53 Million worth of ETH. The ICO was held around six years ago and the wallet has been dormant since then.

As per the on-chain analyst, these funds are moved to staking contracts. According to Lookonchain’s tweet:

We noticed that an ETH ICO participant who has been dormant for 6 years started to stake 48,992 $ETH ($80M) in October this year. The ICO participant received 120K $ETH at Genesis via 3 addresses. And transferred 32,015 $ETH($53M) to a new address 5 hrs ago. (stake again?

Thus, the wallet initially moved 50,000 ETH for staking and later received 12 ...

The post Inactive Wallet Suddenly Transfers $53 Million Worth of ETH appeared first on Coin Edition.

See original on CoinEdition

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