Long-Dormant ETH Whale Wakes Wallet Holding $119 Million

Yet another long-dormant Ethereum whale has woken up from hibernation, according to data provided by Lookonchain.  

The wallet in question (0x2dCA…) is reportedly from an early Ethereum ICO. 

According to the data, the owner originally invested about $12,400 and obtained 40,000 ETH. Today, it is worth roughly $119.5 million. 

After more than a decade of dormancy, the wallet executed a test transfer of 5 ETH (~ $15,000) to a new address, which was rather noteworthy. 

Shortly after that, the remaining 39,995 ETH was moved to a different wallet (0x2602…).

Blockchain history shows many similar cases of long‑dormant wallets "waking up."

Over the past several months, a few Ethereum ICO-era wallets have reactivated after more than ten years of dormancy. On August 11, a participant holding 20,000 ETH (initial investment $6,200) sold 2,300 ETH ($9.91 million). On August 13, another participant who originally bought 100,000 ETH for $31,000 had previously sold 44,284 ETH ($105 million) since 2021 and recently sold an additional 4,283 ETH ($18.97 million). On August 16, a wallet holding 334.7 ETH ($1.48 million), purchased for $104, transferred all funds after more than ten years. 

What's behind this transfer? 

Some typical explanations and speculated motivations include recovered access to old private keys or seed words. 

Some early investors might have lost track of their wallets or seed phrases; Hence, reactivation may occur when they finally recover access. 

Such transfers can also be attiruted to re‑allocation or consolidation. 

It is unkown if they will sell on an exchange, hold in new wallet, stake, or move off‑chain. Unless funds hit a centralized exchange, the intentions remain rather speculative.