Dormant Ethereum from Pre-Mining Period Worth $116M is now Active

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According to recent reports, a wallet address possessing pre-mined Ethereum worth $116 million has moved a total of 61,216 Ether to an address hosted by the Kraken crypto trading platform following its inactive existence of about eight years.

Ethereum Worth $116M Moved

In fact, the Ethereum community held a sale session in June 2014, which enabled initial members of the team and co-founders to get involved and amass pre-mined Ether in case the platform had difficulty producing tokens on its own. 

In the course of its pre-mine interval, Ethereum was exchanged between $300 and $400 per coin, putting the wallet’s value at around $20 million. However, right now the tokens have a market value of more than $116 million.

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Pre-Mined Ether Sent to Kraken Wallet

Based on the data by Etherscan, the pre-mined 61,216 ETH was sent to a Kraken wallet address on July 18 at 7:30 p.m. Eastern Time. Although the name of the person who owns the wallet is not known, the screenshot revealed that the owner of the 61,216 ETH took precaution to avoid losing coins as the person first sent a test transfer to the Kraken address with 0.05 ETH before the big transaction.

Ethereum Founder Discusses Difficulties

Moreover, Vitalik Buterin, a co-founder of Ethereum, discussed some difficulties in adding an additional function on the blockchain on July 18 at the Ethereum Community Conference in Paris. He asserted that account abstraction expansions, more commonly known as “paymasters,” can enable customers to pay their fees with “whatever coins that they are transferring.”

What is ‘Pre-Mining?’

It is worth noting that the phrase “pre-mining” is used in order to describe coins that were mined before it was made accessible to everyone. This is just in contrast with Bitcoin, which is made available just as it is mined. MicroStrategy CEO Michael Saylor stated in July of last year that he believes Ethereum has tremendous potential. He also mentioned that Ethereum has a pre-mined coin with complex forks that may be utilized to change its features. 

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