A wallet address holding a substantial amount of pre-mined Ethereum, valued at $116 million, has recently made a significant move.
After being dormant for eight years, the wallet transferred its entire stash of 61,216 Ether (ETH) to an address on the Kraken crypto exchange.
The pre-mined Ether was accumulated by early team members and co-founders of the Ethereum ecosystem during a sale event in June 2014.
At that time, the network was unable to generate tokens independently, so this sale allowed participants to acquire pre-mined Ether.
The tokens were valued at around $300–$400 during the pre-mine phase, making the wallet worth approximately $20 million.
However, the value of the tokens has grown exponentially over the years, and at present, they are worth over $116 million.
Data from Etherscan, a blockchain explorer for Ethereum, confirms that the 61,216 ETH were transferred to a Kraken wallet address on July 18 at 7:30 pm Eastern Time.
Remarkably, the transaction fee for moving $116 million worth of Ether amounted to only $1.5, with a gas price of 25.475673161 gwei.
READ MORE: FSB Proposes Global Regulatory Framework for Cryptocurrencies
The identity of the wallet owner remains unknown, underscoring the importance of hodling—a strategy that emphasizes long-term accumulation of cryptocurrencies.
The owner’s cautious approach is evident from the initial test transaction of 0.05 ETH sent to the Kraken address, ensuring no loss of funds due to human error.
Meanwhile, at the Ethereum Community Conference event in Paris on July 18, Ethereum co-founder Vitalik Buterin discussed the challenges associated with implementing a new blockchain feature.
He mentioned the concept of account abstraction extensions, referred to as “paymasters,” which would allow users to pay their fees using any coins they are transferring.
Buterin acknowledged the potential benefits of account abstraction for users but also recognized the need for developers to address challenges.
This includes the requirement of an Ethereum Improvement Proposal to upgrade current externally-owned accounts into smart contracts, as well as ensuring the protocol functions effectively in layer-2 solutions.
The movement of such a significant amount of pre-mined Ether highlights the ongoing evolution and adoption of cryptocurrencies, while also shedding light on the technical advancements being pursued by Ethereum developers.
Other Stories:
SEC Chair Gary Gensler Advocates Greater Use of Artificial Intelligence for Market Surveillance,.
PEPE Coin in Trouble? Financial Regulator Clamps Down On Crypto Memes
Celo Blockchain Plans Transition to Ethereum Layer-2 Solution
