An Ethereum ICO participant has moved $23 million in ETH to a new wallet after staying dormant for more than 10 years.
According to Etherscan data cited by multiple analysts, address "0xCD5 … 7a336" moved around 10,000 ETH to a new address on Tuesday evening.
The address received the Ethereum on July 30, 2015, after participating in the ICO event with $3,100, blockchain analytics platform Lookonchain wrote on X. At the current price, 10,000 ETH is worth about $23.1 million, representing a 7,465-fold increase in value.
While the reason behind the move is unclear, such transfers typically precede token sales.
Several Ethereum ICO participants emerged from years of dormancy during the 2025 bull run, a period when Ethereum repeatedly topped its all-time high records. Notably, one ICO whale moved 150,000 ETH last September after staying dormant for three years.
Ethereum (ETH) is trading at $2,335, up 1.9% in the past 24 hours leading up to 12:50 a.m. ET on Wednesday, according to The Block's crypto price page. It continues to trade significantly below the $4,946 all-time high price recorded last year.
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