This post was originally published on Coinspeaker
A wallet linked to Ethereum’s 2014 ICO moved approximately $23 million in ETH last week after roughly a decade of inactivity, with blockchain monitoring service flagging the transfer from the dormant address and tracing proceeds through a multisig wallet, which has since deposited a cumulative 12,001 ETH, equivalent to approximately $24.62 million, to OKX over the past 60 days.
The wallet originally accumulated around 38,800 ETH during the 2014 ICO at an average acquisition cost of roughly $0.31 per token via Poloniex, implying a cost basis near $12,000 total – a figure that places unrealized gains in the tens of millions and, by extension, places real distribution risk on the table.
An #Ethereum ICO participant “0xCD59” transferred all 10,000 $ETH($22.88M) to a new wallet after being dormant for 10.8 years.
He invested only $3,100 in the ICO and received 10,000 $ETH — now worth $22.88M, a 7,381x return!https://t.co/HioUzA13Lu pic.twitter.com/5gBezsDQC2
— Lookonchain (@lookonchain) April 28, 2026
Dormant whale reactivations are among the more closely watched on-chain signals in the Ethereum market precisely because they conflate three structurally distinct possibilities – outright distribution, custodial migration, and renewed accumulation – and the data available at the point of detection rarely resolves
— Read the rest of this post, which was originally published on Coinspeaker.
