Home - Ethereum - Will This $400m ETH Mystery Whale Keep Sitting on His Holding or Make a Market-Shaking Move?

James Carter

February 28, 2023

Will This $400m ETH Mystery Whale Keep Sitting on His Holding or Make a Market-Shaking Move?

The cryptocurrency community on Twitter is buzzing about a mysterious Ethereum (ETH) device that is estimated to be worth approximately 400 million dollars. Members of the community are now wondering whether the key was misplaced or whether the proprietor is simply holding off on making a market-shaking move with the enormous stack of cryptocurrency.

$400m ETH Mystery Whale Keep Sitting on His Holding or Make a Market?

The untraceable wallet was established in 2014, during Ethereum’s initial currency offering (ICO), but it has never been used to complete a purchase or sale of any kind. The wallet has gotten more tokens through “airdrops,” and the value of its ETH tokens, measured in US dollars, has gone up by a huge amount due to a practice called “hodling.”

An important Ethereum Classic (ETC) airdrop took place, which resulted in the owner’s account receiving an additional 250,000 ETC assets. This particular airdrop was one of those that made it onto the roster. At the current rate of exchange, the worth of the 250 thousand ETC holdings by themselves is close to $5.3 million.

Ethereum Classic is the original Ethereum network that existed prior to Ethereum undergoing a hard fork in 2016 as a response to a significant hacking incident known as the “DAO hack.” The hard fork caused Ethereum to split into two separate blockchains.

“Among the most enigmatic locations to be found.”
During the course of this past weekend, Conor Grogan, Product Strategy Director at Coinbase and a former Senior Manager at Ray Dalio’s hedge fund Bridgewater Associates, disclosed on Twitter a few pieces of information pertaining to the wallet. Grogan previously worked for Bridgewater Associates.

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Grogan referred to the location of the wallet as “one of the best mysterious in the entirety of crypto.”

Grogan noted in a tweet that the wallet had been “completely untouched” since the Ethereum ICO (initial coin offering) in 2014 when it purchased $75,000 worth of ETH. Since then, the wallet has not been used at all.

“Imagine the mental fortitude of holding through multiple bull and bear markets,” he added, but he also admitted that the loss of the private keys to the wallet is “a far more probable outcome.” “Imagine the mental fortitude of holding through multiple bull and bear markets,” he said.

Will This $400m ETH Mystery Whale Keep Sitting on His Holding or Make a Market-Shaking Move?

“No key, or it’s been misplaced.”

It would appear that the majority of commenters on Twitter agree with Grogan’s explanation, which is that the owner is simply unable to move the funds. This is the opinion that the majority of commenters on Twitter have expressed.

“Key either misplaced or expired. Mystery solved,” was the tweet that was posted by the popular user @notsofast, who also accused Rogan of using the wallet conundrum as “engagement farming.”

Other users were of the same opinion, with many speculating that the proprietor had passed away.

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One user wrote, “RIP to the owner who forgot to inform his wallet access info before he passed away,” and they were referring to the deceased person’s wallet.

Another user hypothesized that an “unspendable error” may have been brought on by a technological issue that occurred during the Ethereum initial coin offering.

One user commented, “I know a handful of 1 BTC investments that are forever gone with it,” before another user joked that the wallet must be the Ethereum Foundation’s retirement plan…

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