$116 million Pre-mined $ETH Transferred to Kraken Exchange After Dormant for 8 Years

A wallet address containing pre-mined Ethereum worth $116 million moved its entire stash of 61,216 Ether to an address in the Kraken crypto exchange after lying dormant for eight years.

Pre-mined ETH was issued as a reward to Ethereum’s early supporters, including those who funded the project during its Initial Coin Offering (ICO). The network started off with a supply of 72 million ETH, of which 83% was distributed to those who purchased the cryptocurrency in a crowd sale conducted in July and August 2014. The average purchase price of ETH amounted to $0.30 per coin for those that took part.

While most early buyers sold off their coins as the price of ETH rose significantly over the years, the remaining pre-mine addresses were thought to be staunch supporters of the cryptocurrency or those that lost their private keys and could no longer access their wallets.