ETH Whale Recovers $74 million
In a recent turn of events, an ETH whale recovers $74 million by unlocking and retrieving a staggering sum of 39,712 Ether (ETH) that had been locked in the Ethereum Name Service (ENS) auction for over two years. The whale’s domain, “darkmarket.eth,” witnessed an impressive movement of digital assets, with over $119 million worth of ETH being transferred to a new wallet.
This article delves into the details of this remarkable occurrence, shining a spotlight on how the ETH whale successfully reclaimed $74 million from the ENS auction. It also urges other ENS users to check their addresses and potentially reclaim their deposited funds. Additionally, the article explores other instances of dormant wallets awakening and reclaiming millions of dollars in cryptocurrency, highlighting the impact such actions can have on the overall crypto landscape. This story serves as a testament to the evolving dynamics of the cryptocurrency market, showcasing the influence and significance of ETH whales in shaping its future.
Whale Reclaims Locked ETH
In 2021, Nick Johnson, the founder and lead developer of ENS, took to Twitter to remind the owner of “darkmarket.eth” to reclaim their ETH deposits, which had been locked during ENS auctions in its initial two years. Johnson even provided a link for users with ETH deposits to reclaim their digital assets. However, it took the whale over two years and five months to heed the reminder, and finally, on July 31, the on-chain analytics firm Lookonchain confirmed that the funds were reclaimed.
After 2.7 years of dormancy, darkmarket.eth reclaimed 39,712 $ETH ($74.17M) locked in the ENS auction just now.
And transferred 63,734 $ETH($119M) out to a new wallet.https://t.co/OtXYRpcOhn
— Lookonchain (@lookonchain) July 31, 2023
The reclaimed ETH, valued at $119 million at the time of writing, was then swiftly transferred to a different wallet. This event serves as an essential lesson for cryptocurrency holders to stay vigilant and keep track of their assets. There are still over 100,000 deeds awaiting reclamation within ENS, worth tens of thousands in ETH, and Nick Johnson urges users to take action promptly to claim their funds.
Related: What is Ether in Blockchain? “The Currency of Ethereum Apps.”
The Importance of Checking Addresses and Reclaiming Funds
The case of “darkmarket.eth” highlights the necessity for Ethereum users to regularly check their wallet addresses, especially if they have participated in ENS auctions or other similar processes. Unclaimed funds can often be forgotten, leading to significant losses over time due to the volatile nature of cryptocurrency prices. By monitoring and reclaiming these funds, users can safeguard their investments and potentially benefit from any appreciation in their holdings.
Other Instances of Dormant Wallets Awakening
The situation with “darkmarket.eth” is not isolated, as there have been other intriguing instances of dormant wallets awakening and reclaiming substantial amounts of cryptocurrency. For example, on July 19, a dormant wallet containing pre-mined Ether worth $116 million suddenly became active after eight years. The original value of this wallet was approximately $20 million when it was initially pre-mined, resulting in an impressive 5x return for the owner.
Similarly, on July 24, another dormant wallet moved over $30 million in Bitcoin after remaining inactive for a staggering 11 years. This wallet’s assets were acquired back in April 2012 when Bitcoin was worth a mere $4.92, making the original stash’s value a mere $5,108. The significant increase in the value of Bitcoin over the years has turned this once-small investment into an astounding fortune.
Related: Bitcoin Explained! All You Need to Know about Bitcoin
The recent reclamation of $74 million in ETH from the ENS auction by a whale serves as a vital reminder for cryptocurrency users to be diligent in managing their digital assets. Checking wallet addresses regularly and reclaiming any funds from past participation in auctions or other processes can prevent significant losses and capitalize on potential gains.
ENS founder Nick Johnson’s call to action to reclaim over 100,000 unclaimed deeds underscores the importance of being proactive in managing cryptocurrency investments. Additionally, the awakening of dormant wallets, leading to multi-million dollar transfers, exemplifies the transformative potential of the crypto market. As the crypto space continues to evolve, users must remain vigilant, informed, and active to secure their financial futures.
Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.
