Ethereum (ETH) Whale Wakes Up After Nearly 9 Years of Dormancy

An early Ethereum investor who participated in the project’s initial coin offering (ICO) in 2015 has sprung back into action after lying dormant for almost the entirety of Ethereum’s existence so far. The wallet, labeled 0x942 by on-chain analytics firm SpotOnChain, transferred its entire holding of 2,000 ETH (worth $6.71 million at today’s prices) to several newly created Ethereum addresses.

The origins of the 0x942 wallet date back to the earliest days of Ethereum. It received the 2,000 ETH allocation from the genesis block on July 30th, 2015 – the day of Ethereum’s launch. With ETH trading at around $0.31 during the ICO crowdsale, the original investment into this wallet was just $620.

Source: SpotOnChain

After nearly 9 years of inactivity, the 0x942 wallet finally awoke from its slumber this week. It distributed the 2,000 ETH stake across four new Ethereum addresses:

  • 0x9b772d744ace43eb8641e9455582d28455b611a3 (receiving 1,200 ETH)
  • 0x9a34a4f6af89b84d5eb127b4e931fa07e59ca881 (receiving 175 ETH)
  • 0x14fb457498dcc1ed56dd2df2d733d3812d1fa482 (receiving 600 ETH)
  • 0x2f17af3ca36e6d5eaa5ee8a65ba625234501ccb2 (receiving 25 ETH)

Within hours, part of the ETH was already on the move again. 25 ETH ($84,100) from the 0x2f17 wallet was deposited to crypto exchange ChangeNOW, potentially to be traded or converted into another asset.

The resurgence of this ICO whale after years of dormancy is reminiscent of times past when early believers in Ethereum took a longterm view. The enormousl appreciation in ETH’s price means the unfortunate investor who spent $620 to acquire the wallet’s 2,000 ETH has woken up to a stake worth over $6.7 million today.

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Another documented whale wallet, 0x880, allegedly bought 2,947 ETH for $6.85 million in early 2024 and has already booked $2.19 million in profit from that trade by depositing part of the holdings to exchange OKX.

The 0x880 wallet is also deeply involved in other DeFi plays like staking on Lido and holds tokens like LDO, WLD, and RNDR – with an estimated $3.51 million in unrealized gains from those positions.

It remains to be seen whether more and more of the project’s ICO participants will be inspired to retrieve their long-dormant stakes.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!