Two Ethereum wallets moved 1,140 ETH after nearly a decade

On Monday, two dormant Ethereum wallets dating back to the network’s genesis block became active for the first time in nearly a decade, transferring 1,140 ETH valued at approximately $2.9 million.

Dormant wallets have been moving their assets recently

Ethereum launched in 2015 as a proof-of-work blockchain, offering block rewards like Bitcoin. In September 2022, it shifted to a proof-of-stake model through The Merge, a transition designed to lower the network’s energy consumption. 

Since 2015, the wallets have remained dormant, and ETH has surged by 89,450%, per TradingView’s analysis. One of the two wallets moved 900 ETH while the other 240 ETH, and according to blockchain sleuth Whale Alert, the 900 ETH was worth only $279 in 2015.Lately, there’s been a spike in the number of reactivated wallets across the crypto market. Just last Friday, three Bitcoin wallets, inactive for over 14 years, moved billions of dollars in funds. Additionally, dormant since the early days of Bitcoin, some Satoshi-era wallets moved coins worth close to $44 million in 2024.

Meanwhile, a US government-owned wallet recently sent 86.56 ETH—worth approximately $200,000—to Coinbase Prime. The crypto assets had been confiscated in 2022 from Chase Senecal on suspicion of NFT fraud and hacking operations. Arkham Intelligence said the wallet initially conducted a $10 test transaction before moving the full amount to the exchange.