The cryptocurrency community was ecstatic to hear about the reactivation of the dormant Ether wallet, as the proprietor was able to transfer 8,000 ETH in minutes due to the latest Ethereum network upgrades.

In 2015, when ETH was worth thirty cents, the unnamed proprietor initially purchased the wallet. The owner admitted that after effectively participating in the Ethereum ICO, the wallet had amassed approximately 8,000 ETH. Since then, the wallet has remained dormant until May 27, when its proprietor transferred 1 ETH to a different wallet.

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Importance of Revitalizing a Dormant Wallet

After a successful transaction, the proprietor transferred the remainder to a new wallet, amounting to 7999 ETH. This transaction was first observed by an analyst from the renowned blockchain company Lookonchain.

The Lookonchain team later informed the Twitter community of the unexpected transaction involving the inactive account. Some Twitter users demanded an explanation for the transfer cause in response to the tweet. In a subsequent tweet, a Twitter user explained that the proprietor of the ETH wallet had been serving a prison sentence, which explains the wallet's inactivity.

Another user questioned the effectiveness of Ethereum's recovery feature. According to the owner's post, the inactive Ether was worth $14.7 million after the transfer of 8000 ETH.

In 2015, the proprietor reported spending approximately $2500 to acquire 8,000 ETH. The post illustrated that the market value of an Ether token was $0.31 at the time of writing.

As of the time of this writing, the ETH exchange rate is $1,905.20, a daily increase of 3.10%. This indicates that the proprietor made a profit of 5900000% in eight years.

Differences Between the Previous and New Ether Wallet

It was determined, based on the transaction history of the new wallet, that its proprietor had conducted a few transactions. According to Etherscan data, the proprietor of a dormant wallet received 207 ETH, or $380000.

The transaction involving 207 ETH was finalized days prior to the transfer of 8000 ETH. According to data provided by DeBank, the recipient's wallet contained Gensler tokens (GENSLR) worth $46 and Dejitaru Tsuka (TSUKA) tokens worth $0.24.

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According to reports, the Ethereum ICO was launched in two phases, with the presale procedure serving as the initial phase. During the Ethereum ICO presale phase, which took place between July and September of 2014, ETH tokens were sold to new merchants for a profit of $18 million. The principal presale took place when 1 BTC was worth 2,000 ETH.

In 2015, the Ethereum blockchain was launched as part of the second phase of the ICO's launch. Following the successful debut of the Ethereum blockchain, investors were permitted to trade their locked ETH.

The Cause of the Revival of Dormant Wallets

Despite this, an inert ETH wallet that had been dormant for eight years was reactivated last month. On April 24, it was observed that the proprietor moved 2,360 inactive ETH to a new wallet, generating a profit of more than $4.5 million.

Prior to this, another trader activated a wallet that had been inert since 2018 and contained ETH. Moving 10226 ETH to a new address served as a straightforward test for said reawakening. This transaction was finalized on March 5 and yielded a profit of $19.6 million.

As a result of the multiple reawakenings of inactive ETH wallets, experts have undertaken an investigation to determine the primary cause for the reawakening of the inactive wallet. In a recent study, the expert investigated whether the activation of dormant wallets was intended to protect investors from crypto market volatility-related losses.

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Some blockchain analysts have observed that, in the event of a malevolent attack involving a quantifiable sum of money, it is always prudent to reawaken dormant wallets in order to assess the extent of the hack's damage. In addition, the majority of reported reactivation of a dormant account stems from the owner's desire to sell the digital asset when the market is favorable, according to the experts.