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

An Ethereum (CRYPTO: ETH) 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 (CRYPTO: FTT) collapse. The global crypto market capitalization is down to $846 billion from $1 trillion, in the past seven days, as per CoinMarketCap.

See Also: Best Crypto Lending Platforms

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.
Read Next: Here's How Much $100 Invested In Dogecoin Will Be Worth If It Recovers To Pre-FTX Crash Levels