According to Whale Alerts, after more than seven years, a pre-mine Ethereum address containing 500 EHT ($631,500) has now been enabled.

It’s unknown why, after all these years, the aforementioned address was active. Some commenters joked about Ethereum co-founder Vitalik Buterin discovering a dusty wallet beneath his bed. The monies appear to have been moved to William Sutanto, the Indonesian exchange Indodax’s chief technical officer.

It is not uncommon for bitcoin wallets to reactivate after lengthy periods of inactivity. Another awakened ICO-era address was discovered in late October, according to U.Today.

Ethereum, which went on to become the second-largest blockchain, was developed with the support of $18 million in pre-launch tokens.

Back in 2015, the ETH token began trading on the Kraken market for just $2.77. The price of the coin peaked at $4,878 in November 2021.

The cryptocurrency is now worth $1,252 after falling by more than 74%.

As part of the Merge update, Ethereum ultimately moved to proof-of-stake in mid-September. This was the most anticipated upgrade since the blockchain’s inception.

The much-anticipated improvement, however, failed to resuscitate Ether’s bullish mood. The cryptocurrency is now struggling as a result of the mix of macroeconomic headwinds and the FTX problem. Citron Research, as reported by U.Today, remains pessimistic about Ethereum (ETH).