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Long-Dormant Ethereum Wallets Reactivated After Nearly a Decade
In a surprising turn of events, two early Ethereum wallets, dormant since 2015, transferred a total of 1,140 ETH, equivalent to approximately AU$4.45 million. These transactions, which took place on Monday, marked the first activity from these wallets created during Ethereum’s initial development phase, known as "Frontier."
Historical Context of the Wallets
The wallets in question are identified by their addresses beginning with “0x27” and “0x7f”. According to data from Etherscan, these accounts received funds through GENESIS transactions, indicating they were part of Ethereum’s initial token distribution. One of these addresses notably received 900 ETH when the cryptocurrency’s valuation was less than US$0.50 (around AU$0.77).
A Broader Trend of Revived Crypto Activity
These recent transfers highlight a significant trend in the cryptocurrency space, with an increase in activity from long-inactive wallets. Earlier this year, several dormant Bitcoin accounts were reactivated, resulting in billions of dollars’ worth of BTC being transferred. Additionally, an early Ethereum participant recently liquidated assets worth approximately AU$42.37 million.
At present, Ethereum is priced at around US$2,529 (AU$3,886). Despite a slight 2% dip in its daily valuation, the market remains relatively stable. However, the ETH holdings in the newly active wallets are insufficient to classify them as “whales”—a term used in the crypto community for addresses that hold 10,000 ETH or more, currently worth about AU$38.86 million.
Ethereum’s Evolution Over the Years
Since its inception, Ethereum has undergone considerable changes. In 2022, it moved away from the proof-of-work consensus model, adopting a more environmentally friendly proof-of-stake system, which has since garnered significant attention. Furthermore, the network recently introduced the "Pectra" upgrade, which aims to improve scalability, smart contract capabilities, and staking limits.
In a related development, co-founder Vitalik Buterin has proposed a new measure that seeks to set a gas cap of 16.77 million on transactions. This aims to enhance predictability and protect the network from spam attacks.
Conclusion
The activity from these historical wallets underlines a resurgence of interest in older Ethereum resources amid an evolving crypto landscape. As Ethereum continues to grow and adapt, it will be fascinating to observe how past participants engage with the network in the future.
