Ethereum ICO participant resurfaces after years of dormancy, proof he’s still optimistic about ETH


  • A mysterious whale has resurfaced after 2.4 years of inactivity, staking ETH worth $7.3 million.
  • The whale was an early participant in Ethereum’s Initial Coin Offering in 2015.
  • The transaction comes shortly after bankrupt lender Celsius Network moved to recover its Lido staked Ether (stETH).

Ethereum (ETH) Initial Coin Offering (ICO) participant has reawoken after about two and a half years of dormancy to stake 4,032 ETH, worth around $7.3 million at the time of writing. The transaction comes shortly after defunct crypto lender Celsius Network’s move to recover its Lido-staked Ether (stETH)

Also Read: Lido Finance faces $782M Ethereum withdrawals from bankrupt Celsius, ETH holders brace for selling pressure

Ethereum whale resurfaces with a massive investment

Ethereum (ETH) has had one of its oldest believers resurface after more than two years of inactivity to stake a hefty sum.

Based on recent revelations by blockchain analysis service Lookonchain, the investor participated in ETH’s ICO in 2015, acquiring a staggering 60,000 of the ETH mainnet when the project debuted.

The resurface and subsequent hefty investment is a testament to the whale’s optimistic outlook toward the Proof-of-Stake (PoS) token. It also points to his belief in the direction digital assets are taking as a whole.

This news adds to the list of mysterious attention that has caught the eye of the Ethereum network. Just recently, another mysterious organization was in the spotlight for making millions of dollars and consuming enormous percentages of the network’s gas fees.

Blockchain data analysis firm EigenPhi expounded the revelation with a report showing that the operator of the MEV bot Jaredfromsubway has been exploiting traders in the Ethereum blockchain since February 27, with his criminal actions earning him an astonishing $40.6 million in revenue, alongside $34.5 million in profit. This was after the entity ran a total of 238,000 attacks with more than 106,000 victims. Notably, Jaredfromsubway refers to the former spokesperson for sandwich chain Subway who was sentenced to 15 years for sex crimes.

It all happened while the network operated a Maximal Extractable Value (MEV) bot.

Ethereum’s Shapella upgrade put to good use

After Ethereum’s Shanghai/Capella upgrade, investors can unstake and withdraw their stETH, with Celsius commencing the process of repossessing its Lido Staked Ether tokens by requesting 428,084 stETH to be distributed in batches of 1,000 stETH per unit.

Notably, the report comes barely two days after the now-bankrupt crypto lender Celsius Network decided to recover its Lido-staked Ether (stETH) tokens from liquid staking platform Lido, which recently enabled withdrawals.

As reported, Celsius could inject the reclaimed capital into its rebuilding efforts. Alternatively, the lender may offset part of its $4.7 billion debt owed to creditors. Noteworthy, Celsius Network had also converted 22,962 wrapped Bitcoin (wBTC) into Bitcoin in February. Based on BTC rates at the time, this was the equivalent of approximately $540 million. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP