An Ethereum ICO participant who had been inactive for over eight years has resurfaced and transferred 61,216 ETH, worth over $116 million, to crypto exchange Kraken. The participant had received the ETH for only 31 cents a coin at Ethereum's Genesis, worth around $18,980 at the time.

The reason behind the transfer remains unclear, but movements to crypto exchanges often indicate an intention to sell, stake, or acquire other assets. This is not the first time that dormant crypto holders have moved funds in recent months, with several others waking up after years of inactivity.