Thursday, June 20, 2024

Dormant pre-mined Ethereum worth $116M resurrects after 8 years- Cryptured.

Ethereum valued at $116 million transferred its entire holding of 61,216 ETH ($1,903) to an address on the Kraken cryptocurrency exchange.

When the network was unable to produce tokens on its own, the Ethereum ecosystem held a sale event in June 2014 that allowed early team members and co-founders to participate and gather pre-mined Ether.

Ether traded between $300 and $400 during the pre-mine period, valuing the wallet at almost $20 million. But eight years later, the tokens are currently worth more than $116 million.

The pre-mined 61,216 ETH were transferred to a Kraken wallet address on July 18 at 7:30 p.m. Eastern Time, according to Etherscan statistics.

Although the owner of the wallet’s identity is still unknown, it serves as a reminder of the value of hodling, an investment strategy that puts an emphasis on the long-term accumulation of cryptocurrency tokens.

The screenshot above demonstrates that the owner of the 61,216 ETH exercised caution to prevent any money losses as a result of human error. Send a test transaction to the Kraken address with 0.05 ETH before starting the whale transaction.

On July 18, Ethereum co-founder Vitalik Buterin discussed the difficulties of adding a new feature to the blockchain at the Ethereum Community Conference meeting in Paris.

Account abstraction extensions, often known as “paymasters,” allegedly enable users to pay fees with “whatever coins that they are transferring.”Account abstraction may have advantages for users, but Buterin also acknowledged that there are still difficulties for developers to solve, such as the need for an Ethereum Improvement Proposal to convert existing Ethereum externally-owned accounts, or regular user accounts, into smart contracts and making sure the protocol functions similarly in layer-2 solutions.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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