Lookonchain, revealed that an inactive wallet suddenly transferred $53 Million worth of ETH yesterday.

The wallet had remained inactive since Ethereum’s ICO which was six years ago.

Lookonchain has suggested that the funds are moved to staking contracts.

An on-chain specialist, Lookonchain, revealed that an inactive wallet that was last active in Ethereum (ETH) initial coin offering ICO has suddenly transferred $53 Million worth of ETH. The ICO was held around six years ago and the wallet has been dormant since then.

As per the on-chain analyst, these funds are moved to staking contracts. According to Lookonchain’s tweet:

We noticed that an ETH ICO participant who has been dormant for 6 years started to stake 48,992 $ETH ($80M) in October this year. The ICO participant received 120K $ETH at Genesis via 3 addresses. And transferred 32,015 $ETH($53M) to a new address 5 hrs ago. (stake again?

Thus, the wallet initially moved 50,000 ETH for staking and later received 12 …

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