The Awakening of 3-Year-Old Dormant Ethereum Wallets 🚀
Recent online reports have unveiled that several Ethereum wallets that had been inactive for over 3 years suddenly began moving substantial amounts of ETH. It was initially believed that these wallets were responsible for transferring $2 billion worth of ETH associated with a $4 billion crypto scam.
- Hundreds of Ethereum wallets that were dormant for over 3 years started moving large amounts of ETH
- On-chain tracking firm Lookonchain reported the movement of these wallets
- Initially suspected to be part of a $4 billion crypto scam involving $2 billion in ETH
The Intriguing Details of the ETH Movement 🔍
Lookonchain, an on-chain tracking firm, observed the sudden activity of these Ethereum wallets. In a post that has since been deleted, the firm suggested that these wallets, inactive for 3.3 years, had potentially moved over 700,000 ETH.
- The wallets were linked to the infamous PlusToken Ponzi Scheme
- Chinese authorities previously seized 833,083 ETH, now valued at $2.11 billion, in connection to the scam
- Funds from the dormant wallets traced back to an address associated with the Plus Token Ponzi Scheme
An Analysis of ETH’s Selling Pressure 📊
EmberCN, an on-chain data analyst, shed light on the situation by revealing that the amount of Ether available for sale is relatively small. Most of the initial 789,534 ETH was deposited on the Bidesk exchange three years ago.
- EmberCN detailed the movement of the ETH tokens to Bidesk, which eventually ended up on Huobi and were sold in 2021
- About 12 Ethereum addresses were identified to have received PlusToken-related ETH in the last 30 hours
- These addresses collectively hold 25,757 ETH, equivalent to approximately $63.1 million
The Impact on ETH’s Market Value and Price 💰
Despite the relative decrease in the amount of unsold PlusToken-related tokens, Ethereum experienced a 6.5% decline within four hours due to Jump Trading’s recent sell-off. Lookonchain also reported that Jump Trading sold $29 million worth of ETH and redeemed $48.2 million in preparation for selling.
- Jump Trading’s actions contributed to the drop in ETH’s price from $2,500-$2,540 to $2,370
- The overall performance of ETH recorded a 6.8% daily and 28.3% weekly decrease
Hot Take: The Future of ETH in Light of Recent Movements 🚨
Considering the recent activities involving dormant Ethereum wallets and the subsequent selling pressure, it is crucial to monitor how ETH’s market value will be affected in the coming days. Stay informed and stay cautious about potential market fluctuations.
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