Ancient Ethereum Whale Moves Suddenly, After Lying Dormant For 7 Years

An Ethereum ETH/USD address containing 500 ETH has now been activated after lying dormant for more than seven years. 

What Happened: According to Whale Alerts tracker, the address is from ‘pre-mine’ era. Pre-mining is the creation of cryptocurrency before it is made public.

This comes as the crypto market witnesses an intensive sell-off in wake of FTX's FTT/USD collapse. The global crypto market capitalization is down to $846 billion from $1 trillion, in the past seven days, as per CoinMarketCap.

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It is unknown why the aforementioned address was activated after all these years.

Price Action: ETH is trading at $1266 up 1% in the past 24 hours, according to Benzinga Pro.
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