Ethereum ICO participant resurfaces after years of dormancy, proof he’s still optimistic about ETH

Ethereum (ETH) Initial Coin Offering (ICO) participant has reawoken after about two and a half years of dormancy to stake 4,032 ETH, worth around $7.3 million at the time of writing. The transaction comes shortly after defunct crypto lender Celsius Network’s move to recover its Lido-staked Ether (stETH)

Also Read: Lido Finance faces $782M Ethereum withdrawals from bankrupt Celsius, ETH holders brace for selling pressure

Ethereum whale resurfaces with a massive investment

Ethereum (ETH) has had one of its oldest believers resurface after more than two years of inactivity to stake a hefty sum.

Based on recent revelations by blockchain analysis service Lookonchain, the investor participated in ETH’s ICO in 2015, acquiring a staggering 60,000 of the ETH mainnet when the project debuted.

The resurface and subsequent hefty investment is a testament to the whale’s optimistic outlook toward the Proof-of-Stake (PoS) token. It also points to his belief in the direction digital assets are taking as a whole.

This news adds to the list of mysterious attention that has caught the eye of the Ethereum network. Just recently, another mysterious organization was in the spotlight for making millions of dollars and consuming enormous percentages of the network’s gas fees.

Blockchain data analysis firm EigenPhi expounded the revelation with a report showing that the operator of the MEV bot Jaredfromsubway has been exploiting traders in the Ethereum blockchain since February 27, with his criminal actions earning him an astonishing $40.6 million in revenue, alongside $34.5 million in profit. This was after the entity ran a total of 238,000 attacks with more than 106,000 victims. Notably, Jaredfromsubway refers to the former spokesperson for sandwich chain Subway who was sentenced to 15 years for sex crimes.

It all happened while the network operated a Maximal Extractable Value (MEV) bot.

Ethereum’s Shapella upgrade put to good use

After Ethereum’s Shanghai/Capella upgrade, investors can unstake and withdraw their stETH, with Celsius commencing the process of repossessing its Lido Staked Ether tokens by requesting 428,084 stETH to be distributed in batches of 1,000 stETH per unit.

Notably, the report comes barely two days after the now-bankrupt crypto lender Celsius Network decided to recover its Lido-staked Ether (stETH) tokens from liquid staking platform Lido, which recently enabled withdrawals.

As reported, Celsius could inject the reclaimed capital into its rebuilding efforts. Alternatively, the lender may offset part of its $4.7 billion debt owed to creditors. Noteworthy, Celsius Network had also converted 22,962 wrapped Bitcoin (wBTC) into Bitcoin in February. Based on BTC rates at the time, this was the equivalent of approximately $540 million.