Ether Worth $116 Million Transferred From ICO Wallet To Kraken Exchange

A digital wallet that had accumulated over 61,000 Ether (CRYPTO: ETH) during the initial coin offering (ICO) about eight years ago has now transferred the entire amount to another wallet.

The wallet in question is believed to be associated with the cryptocurrency exchange, Kraken. The value of these holdings is currently estimated to be over $116 million.

The Ether was initially bought at a mere 31 cents per token during the ICO.

The wallet, known as 0x8b, moved the tokens to a different wallet before transferring them to the wallet tagged to Kraken, as per blockchain data gathered by Lookonchain.

The identity of the wallet’s owner is unknown at this time.

The only other activity recorded from this wallet was when it received Ether from the Genesis contract post the launch of Ethereum. Such large-scale transfers from early participants are generally rare.

This particular transfer could indicate that the holder is planning to sell the tokens, stake them on an exchange, or diversify their holdings into other tokens.

Is It A Trend?

This transfer is the latest in a series of movements from old wallets transferring tokens like Bitcoin (CRYPTO: BTC) or Ether to exchanges this year.

Back in April, at least four wallets moved Bitcoin worth millions to exchanges or other wallets.

These investors are often referred to as “whales” in the crypto community due to the large quantities of tokens they hold in their digital wallets.

Their actions can significantly influence the price or sentiment around a token given the size of their holdings.

Produced in association with Benzinga