In a surprising turn of events, a whale from the Ethereum initial coin offering (ICO) era has reemerged after more than six months of inactivity.
A wallet that participated in Ethereum's ICO in 2015 and acquired 254,900 ETH at an ICO price of $0.311 per token transferred 7,000 ETH, equivalent to $24.28 million, to the Kraken exchange today.
This transaction marks the end of a 209-day silence from this notable holder, who still retains a substantial 40,000 ETH valued at approximately $139.5 million.
This whale's movements have caught the attention of the cryptocurrency community—not only due to the sheer size of the holdings but also because of the potential market implications.

Ethereum ICO Whale Moves $116M in ETH to Kraken
A wallet address containing pre-mined Ethereum worth $116 million in current prices transferred its entire balance of 61,216 ETH to an address associated with the Kraken crypto exchange. The wallet had remained dormant for eight years before this transaction took place on July 18, at 11:30 pm UTC. As revealed by blockchain analytics firm Lookonchain, the wallet was part of Ethereum's public crowdsale in 2014, with the owner securing their tokens at an ICO price of approximately $0.31 per ETH. A...
Large transactions by such early adopters can influence market sentiment and price dynamics, especially when the transfer is to a significant exchange like Kraken. It’s often (but not always) the case that someone transfers to an exchange because they’re selling or preparing for further trading activity.
Simultaneously, another significant transaction involving the U.S. government surfaced.
According to blockchain analytics platform Arkham, one of the known U.S. government wallets transferred 3,375 ETH, worth about $11.75 million, to an unknown address, 0x5a...1871, earlier today.
This address is known to hold the seized funds of Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin, who were involved in a high-profile cryptocurrency fraud case.
The transfer of such a considerable amount of ETH by a government-held address raises intriguing questions about the potential uses of these funds.

Trial Begins for $575 Million HashFlare Crypto Mining Fraud Defendants
Two Estonian nationals, Sergei Potapenko and Ivan Turõgin, both 39, facing multiple criminal charges related to their alleged roles in a massive cryptocurrency fraud made their first appearance in court yesterday, according to a press release from the Department of Justice (DOJ). Potapenko and Turõgin were arrested in Tallinn, Estonia in November 2022, following an 18-count indictment by the Western District of Washington. The indictment alleges that from 2015 to 2019, the defendants operated a...
This move follows a previous transaction where another U.S. government address transferred 11.84 BTC to address 3KHnTq...muuso9, indicating a pattern of strategic fund management or liquidation by authorities.
The timing of this transfer has sparked speculation within the crypto community.
Some analysts suggest it could be a sign of profit-taking, while others view it as a potential redistribution of assets or liquidity provision to the market.
As both private whales and government entities maneuver large sums of digital assets, the potential impacts on market liquidity, price stability, and overall sentiment are significant.
Edited by Stacy Elliott.