Two dormant wallets on Ethereum were activated on Monday, transferring a total of 1,140 Ether, worth nearly $2.9 million.
These two wallets—one starting with "0x27" and the other with "0x7f"—were created on July 30, 2015, which is 3,630 days ago. That day marked the launch of the Ethereum blockchain mainnet, a phase in the ecosystem's history known as "Frontier." The initial Ether (ETH) in both wallets came from transactions labeled "GENESIS" on Etherscan, indicating they were funded at the launch.
Ethereum was launched in 2015 as a proof-of-work blockchain, featuring traditional mining and block rewards similar to the Bitcoin network. It transitioned to a proof-of-stake mechanism in September 2022 during The Merge, aimed at reducing the energy consumption required to run the network.
According to TradingView, the value of ETH has increased by 89,450% over these nearly ten years.
Crypto observers have recently noted a wave of dormant whale wallets awakening. On Friday, three Bitcoin (BTC) wallets that had been inactive for 14 years woke up and transferred billions of dollars in funds.
In 2024, dormant Satoshi-era Bitcoin wallets awakened, transferring coins worth nearly $44 million at the time.
The latest upgrade to Ethereum, called Pectra, brings smart accounts, improved scalability, and higher staking limits to its ecosystem. Ethereum developers launched the upgrade on May 7, and since then, according to CoinMarketCap, the price of ETH has risen from $1,812 to $2,540.
Vitalik Buterin has submitted further development plans for the ecosystem. On Sunday, Ethereum co-founder and researcher Toni Wahrstätter released a proposal that includes a gas limit of 16.77 million for single transactions.
According to the author, this will enhance Ethereum's performance and security. "By implementing this limit, Ethereum can strengthen its resistance to certain DoS vectors, improve network stability, and provide more predictability for transaction processing costs."
Related: Turkish authorities block PancakeSwap in crackdown on crypto sites
Original article: “Two Ethereum Genesis Wallets Wake Up, Transfer $2.9 Million ETH”
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