Crypto Twitter users have noticed a suspicious $400 million Ethereum (ETH) wallet. Now, locals ponder whether the owner is simply holding the enormous stack in anticipation of making a market-shaking move or whether the key has been lost.
The mystery wallet was formed in 2014 as part of Ethereum's ICO and has never completed a transaction. The wallet's ETH tokens have greatly increased in value in US dollars solely via "hodling," and it has also accrued more tokens through airdrops.
One of the significant airdrops added 250,000 Ethereum Classic (ETC) coins to the owner's address. With the current exchange rate, just the 250k ETC alone are currently worth over $5.3 million.
The original Ethereum chain, known as Ethereum Classic, existed before Ethereum had a hard fork as a result of the so-called DAO hack, a significant hacking incident that occurred in 2016.
"Among the most enigmatic addresses"
Conor Grogan, a former senior manager at Ray Dalio's hedge company Bridgewater Associates and Coinbase's product strategy director, revealed information about the wallet this past weekend on Twitter.
"One of the most strange addresses in all of crypto," said Grogan of the wallet.
During the Ethereum ICO (initial coin offering) in 2014, the wallet purchased $75,000 worth of ETH, but it has since been "totally untouched," according to Grogan's tweet.
Consider the mental toughness of enduring numerous bull and bear markets, he continued, but he also acknowledged that "a far more likely consequence" is that the wallet's private keys are misplaced.