Decade-Old Ethereum ‘Gen0’ Wallets Awaken, Move US$2.9M in ETH

Two Ethereum wallets from the blockchain’s 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 Ethereum’s launch phase known as “Frontier”.

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

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

Decade-Long Inactivity Ends for Multiple Networks

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.

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: Lummis’s Crypto Comeback: New Bill Aims to End ‘Archaic’ Tax Hits on Miners, Stakers and Small Trades