Ethereum ICO Time Capsule Cracks Open: Dormant Wallet Awakens After Nearly 10 Years

According to data tracked by Whale Alert, a long-dormant Genesis pre-mined ethereum wallet just stirred to life, moving 230 ETH for the first time in nearly a decade.

From $71 to $590K: Forgotten Ethereum Wallet Wakes Up in 2025

Back in July 2015, roughly 8,893 distinct wallets were directly credited with ETH from the Genesis block during Ethereum’s official debut. These early addresses belonged to supporters, developers, and investors who backed the ether initial coin offering (ICO) in 2014.

At the time, about 72,009,990.49948 ETH was distributed to these early adopters. Among the 2,546 wallets that received between 100 and 1,000 ETH, one just reactivated after nearly 10 years, transferring 230 ETH—now valued at $590,823, compared to the mere $71 it was worth at acquisition.

During the ICO window from July 22 to Sept. 2, 2014, the pre-mined ether was sold in exchange for bitcoin ( BTC). Estimates suggest the Ethereum team brought in between 31,000 and 31,500 BTC from the ICO. While it’s common to see dormant bitcoins from 2011 to 2017 reawaken, Genesis-era ethereum wallets rarely come online as much.

In fact, these ancient ETH awakenings are more in line with bitcoin wallets from 2010 in terms of rarity—though even those pale next to the near-mythical reactivations of 2009 BTC addresses. Before today’s 230 ETH transfer, the most recent slumbering pre-mine ethereum address to stir was on May 24, when its owner shifted 2,153 ETH valued at $5.43 million. Back in 2015, that stash was worth a humble $667.