The Ethereum community has surprisingly witnessed the reactivation of a long-dormant ICO address and a significant loss for a leading whale in the crypto world. Here is what happened on October 21, 2023.
Sleeping Ethereum address woke up
On October 21, on-chain data revealed a remarkable event in the Ethereum world. An Ethereum ICO participant address starting with ‘0x6403’ had been dormant for over 8 years until it suddenly came to life. The address, which remained dormant for approximately 3,000 days, took action by transferring approximately 500 ETH to each of four different addresses. In total, this address moved 2,000 ETH from its ICO over a decade ago.
The revival of this long-dormant address has sparked interest from the crypto community, with many speculating about the reasons behind this unexpected move. The Ethereum Blockchain, known for its transparency, offered a glimpse into the activities of this mysterious address after its long-term dormancy.
The whale on Binance suffered a huge loss
On the same day, October 21, a notable whale address deposited a significant 4,274 ETH to Binance, marking a significant moment in the cryptocurrency world, according to Look on Chain tracking. However, this deposit came at a heavy cost as it resulted in a staggering loss of approximately $5.24 million. The address, which had previously accumulated 4,892 ETH at an average price of approximately $2,830 throughout 2022, found itself under the spotlight. It is worth noting that the accumulated ETH was worth approximately $13.84 million at its peak.
The unfortunate turn of events for this whale came during the stETH/ETH de-anchoring period, when due to panic they decided to convert 3,705 stETH into 3,536 ETH. This panic-induced move led to a loss of 169 ETH, contributing to a significant loss overall. This incident is a reminder of the volatility and unpredictability of the cryptocurrency market. Traders and investors in the crypto space often face moments of tremendous gains and, as seen in this case, significant losses.
As the crypto community continues to analyze and debate these two events, questions regarding the intentions of the dormant ICO address and the lessons learned from the whale’s loss on Binance remain at the forefront. Cryptocurrency enthusiasts and experts will be following these developments closely, seeking insight into the ever-evolving world of digital assets. Stay tuned for more updates and analysis on the cryptocurrency world.
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