Unknown user moves $16 million worth of ETH dormant for 5 years

Part of the funds was sent to the Poloniex cryptocurrency exchange

06.03.2023 - 14:45

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What’s new? Blockchain analysts at Lookonchain have recorded a large transfer of funds from an address that has not been used in more than 5 years. In total, an unknown user transferred 10 266 ETH worth about $16 million. Part of the funds amounting to 1322 ETH (~$2 million) was transferred to the Poloniex crypto exchange.

An address that has been dormant for more than 5 years transferred 10,266 $ETH ($16M) out.The 10,266 $ETH was obtained through mining in 2017.Among them, 1,322 $ETH ($2M) was transferred to #Poloniex.https://t.co/hsXiBh5iS2 pic.twitter.com/7L1nkx6Fe6 — Lookonchain (@lookonchain) March 6, 2023

What else is known? According to Lookonchain, all 10 266 coins were obtained by the user through mining in 2017. At the time, the value of Ethereum was around $300-$700. As of March 6, at 14:45 UTC, Ethereum is trading at $1569, down by 0,06% in 24 hours (Binance’s data).

On February 23, Lookonchain reported that the address of one of the Ethereum initial public offering (ICO) participants woke up after 3 years of inactivity and made a transaction of 5055 ETH (over $8,3 million at the time).

On February 3, an anonymous user transferred $55 408 worth of ETH, paying $32 180 in fees. In October 2022, an anonymous paid $157 000 in transfer fees on the Ethereum network. The fee for issuing the first NFT after the blockchain switched to PoS was 36 ETH (~$57 852 at the time of the transaction).

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