ICO Participant Deposits 61,216 ETH to Kraken After 8 Years

• Lookonchain found an Ethereum ICO participant who made their first transaction.
• The ICO participant received 61,216 ETH at Ethereum Genesis.
• The current value of the transferred tokens is about $116 million.

Lookonchain, the on-chain smartmoney tracking platform, found an Ethereum ICO participant who made their first transaction. According to Lookonchain, the ICO participant received 61,216 ETH at Ethereum Genesis and left the wallet dormant for the past eight years.

After eight years of dormancy, Lookonchain observed that the ETH holder transferred all 61,216 ETH to the Kraken exchange. According to Lookonchain, the current value of the transferred tokens is about $116 million with ETH trading at over $1,900, at the reported time. However, at Ethereum Genesis, the ETH ICO price was approximately $0.31.

At the Ethereum ICO average price of ETH was around $0.31, the identified ETH holder acquired the tokens for around $19,000. After eight years, the ETH holding has generated a profit of $155.98 million. Reflecting a significant return from an Ethereum ICO investor.

Several community members responding to Lookonchain’s tweet speculated on the reasons why a wallet could be dormant for such a long period. One respondent questioned if the wallet holder was incarcerated, in a coma, or so wealthy that they hadn’t touched the wallet in such a long time.

Ethereum conducted its ICO from July 22, 2014, to September 2 of the same year. The ICO event lasted 42 days and raised roughly $18.3 million worth of Bitcoin. Ethereum’s project team sold more than 60 million tokens at an average price of $0.31 during the ICO in exchange for 31,500 BTC.

ETH price has grown significantly over the years, reaching an all-time high (ATH) of $4,868 during the 2021 bull run. TradingView data showed that ETH traded at $1,911 at the time of writing.