$116M worth of inactive pre-mined Ethereum resurfaces after 8 years

A wallet address containing $116 million worth of pre-mined ethereum transferred its entire reserves of 61,216 ether (ETH) to an address on the Kraken crypto exchange after remaining inactive for eight years.

In June 2014, the Ethereum ecosystem held a sale event, allowing early team members and co-founders to participate and deposit pre-mined ether, at a time when the network would automatically generate tokens. I was unable to

During the pre-mining period, Ether traded in a price range of $300-$400, which would make the wallet worth around $20 million at the time. However, eight years later, the token in question is valued at over $116 million at the time of writing.

an inactive pre-mine address containing 61,216 #ETH (116,396,127 USD) Active after 8.0 years!https://t.co/f79T0fYa7b

– Whale Alert (@whale_alert) 18 July 2023

etherscan statistics Confirms that the pre-mined 61,216 ETH was transferred to a Kraken wallet address on July 18th at 7:30PM ET. Sending $116 million in Ether requires a nominal transaction fee of $1.5 and a gas cost of 25.475673161 Gwei, as shown in the screenshot below.

While the identity of the wallet owner remains unknown, the incident illustrates the importance of hodling – an investment strategy that prioritizes long-term accumulation of crypto tokens.

The screenshot above shows that the owner of 61,216 ETH took a cautious approach to ensure that human error did not result in a loss of funds. Before starting the whale transaction, he initially confirmed the details by sending a test transaction with 0.05 ETH to a Kraken address.

Connected: Ether whale population declines after Shpela – will ETH price decline too?

On July 18, Ethereum co-founder Vitalik Buterin shared some of the challenges in implementing new features on the blockchain at the Ethereum Community Conference (EthCC) event in Paris.

According to Buterin, account abstraction extensions, commonly referred to as “paymasters,” could allow users to pay their fees with “whatever coins they’re transferring.”

Along with the potential benefits of account abstraction for users, Buterin also recognized that developers still need to overcome challenges, such as upgrading existing Ethereum external-owned accounts — ordinary user accounts — to smart contracts and An Ethereum Improvement Proposal (EIP) is needed to be sure. The protocol works similarly in Layer-2 solutions.

magazine: ‘Account Abstraction’ Supercharges the Ethereum Wallet: The Dummies’ Guide