Early Ethereum Whale Address Sends Nearly $90,000,000 to Kraken After Being Dormant for Five Years: On-Chain Data

An early Ethereum (ETH) whale appears to have woken up from a multi-year slumber.

Data from crypto tracker Lookonchain reveals that the deep-pocketed investor deposited 39,260 ETH worth $87.5 million to the crypto exchange Kraken on Monday after being dormant for five years.

The whale received 47,260 Ethereum worth $11.34 million (at a price of approximately $240 per ETH) between June and August 2017. It sold 8,000 ETH the following year and hasn’t moved any since.

If the whale sold its holdings on Kraken, it would have generated a profit of roughly $78 million, according to Lookonchain.

ETH is trading at $2,295 at time of writing. The second-ranked crypto asset by market cap is up almost 3% in the past 24 hours.

Lookonchain also notes that an address associated with the failed crypto lending platform Celsius transferred 7,500 ETH worth $16.7 million to the institutional crypto trading platform FalconX on Monday.

Celsius has sent a total of 37,260 ETH worth $83 million to FalconX and the crypto exchanges Coinbase and OKX in the past three weeks, according to the crypto tracker.

Celsius filed for bankruptcy in July 2022 after its token plummeted by 99% and it was unable to fulfill withdrawals.

Last month, a US judge approved a bankruptcy plan for Celsius that will generate funds for a new mining and staking corporate spinoff designed to repay creditors.

The company, dubbed “NewCo,” will have a $1.25 billion balance sheet, $450 million of which will be liquid crypto.

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