$116M of Pre-Mined Ethereum Resurrects After 8 Years

Ethereum Worth Over $116 Million Moved to Kraken Exchange

On July 18, an Ethereum wallet containing 61,216 pre-mined Ether (ETH) worth over $116 million was transferred to a Kraken crypto exchange address after being dormant for eight years. The tokens were originally acquired during a sale event in 2014, when the Ethereum network was unable to generate tokens on its own and Ether traded at $300–$400, placing the wallet’s worth at roughly $20 million.

The transaction fee for the transfer was only $1.5 and 25.475673161 gwei in gas price, as seen on Etherscan data. The transfer of the pre-mined ETH to the Kraken wallet address marks a significant moment for the qnt crypto, newest crypto, muse crypto, on crypto, robinhood crypto, polymath crypto, monavale crypto, russia crypto, and renq crypto communities.

Crypto Tokens and Ethereum Challenges

The recent whale transaction of 61,216 ETH highlights the importance of hodling — an investment strategy that prioritizes the long-term accumulation of crypto tokens. Before executing the transaction, the wallet owner took a cautious approach by sending a test transaction with 0.05 ETH to the Kraken address.

At the Ethereum Community Conference event in Paris on July 18, Ethereum co-founder Vitalik Buterin discussed some of the challenges in implementing a new feature on the blockchain. Account abstraction extensions, also known as “paymasters,” can enable users to pay their fees with the “coins that they are transferring.”

The crypto world is constantly evolving and companies like Crypto.com, QNT Crypto, and the newest crypto, Muse Crypto, are leading the way. Robinhood Crypto, Polymath Crypto, Monavale Crypto, and Russia Crypto are also making their mark in the crypto space, as well as RenQ Crypto.

Buterin noted that developers must address certain issues, such as the necessity of an Ethereum Improvement Proposal to transform existing Ethereum external accounts into smart contracts and making sure that the protocol works in a similar way in layer-2 solutions, in order to benefit from the potential advantages of account abstraction for users.

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