Ethereum Whale Awakens After Over a Decade, Moves $119.5 Million in ETH

A dormant Ethereum wallet, inactive for more than ten years, has been reactivated, transferring a massive 40,000 ETH worth approximately $119.5 million. The wallet is believed to belong to an early participant in Ethereum's Initial Coin Offering (ICO), who originally invested around $12,400 to acquire the tokens.

The reactivation process began with a test transaction of 5 ETH (valued at about $15,000) to a new address, followed by the movement of the remaining 39,995 ETH to wallet address 0x2602. Blockchain analytics firm Lookonchain reported this activity, highlighting the extravagance of using 5 ETH for a test transfer.

Speculations are rife about the motives behind this sudden activity. Possible reasons include the recovery of lost private keys or seed phrases after years of dormancy, or a strategic move to consolidate funds for staking or other investment opportunities. While it's unclear if the owner plans to sell, stake, or hold the assets, such reactivations often stir community curiosity.

This event mirrors recent trends, such as in August 2025, when other dormant ICO-era wallets sold portions of their ETH holdings. For instance, one wallet with 20,000 ETH sold 2,300 ETH for nearly $10 million, and another with 100,000 ETH sold significant amounts worth over $100 million. These cases underscore a pattern of early investors re-emerging after long hiatuses, adding layers of intrigue to Ethereum's evolving ecosystem.