An Ethereum address that participated in the initial coin offering has transferred out 641 ether, worth almost $1.2 million, after eight years of inactivity. The move was made in order to stake the ether. The address had received 2,000 ether from Ethereum's genesis at a price of around $0.31 per coin, which is now worth over $3.72 million.

This is not the first time this summer that Ethereum ICO participants have made large transfers after a long period of inactivity, with previous transfers including $116 million and $15 million.