• Two early Ethereum wallets moved 1,140 ETH for the first time since 2015.
  • The addresses were funded via GENESIS transactions during Ethereums initial token distribution.
  • One wallet received 900 ETH when the token was under US$0.50.

Two Ethereum wallets from the blockchains launch phase were unexpectedly reactivated on Monday, transferring a total of 1,140 ETH, currently worth US$2.9 million (AU$4.45 million). The accounts, identified by addresses starting with 0x27 and 0x7f, were both created on 30 July 2015, during Ethereums launch phase known as Frontier.

According to Etherscan data, these addresses received ETH via GENESIS-labelled transactions, marking them as part of the blockchains original token allocation to early participants. One of the wallets originally obtained 900 ETH when the tokens value was less than US$0.50 (AU$0.77).

Related: Dormant Ethereum Whale Awakens, Sells $5.2M After Nearly a Decade

These movements come amid a broader trend of activity from long-silent wallets. Earlier this year, several dormant Bitcoin accounts were used to transfer billions in BTC. In April, another early Ethereum participant reportedly sold off US$27.6 million (AU$42.37 million) worth of holdings.

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The Ethereum price was recently recorded at US$2,529 (AU$3,886), up modestly over the past month despite a 2% daily dip. While substantial, the balances of the reactivated wallets fall short of the threshold for Ethereum whale status, a term applied to addresses holding 10,000 ETH or more equating to roughly US$25.3 million (AU$38.86 million) at present prices.

Ethereum has evolved significantly since its launch. In 2022, it abandoned the proof-of-work consensus model in favour of a more energy-efficient proof-of-stake system. 

More recently, the network implemented the Pectra upgrade, enhancing scalability, smart account support, and staking limits. A new proposal co-authored by Vitalik Buterin seeks to impose a 16.77 million gas cap on transactions to boost predictability and protect against spam attacks.

Related: Lummiss Crypto Comeback: New Bill Aims to End Archaic Tax Hits on Miners, Stakers and Small Trades