An unknown participant in the Ethereum Genesis ICO has moved 145,000 ETH valued at $274 million from an address that has been inactive for the past three years.
The user has distributed funds between different wallets, sending a total of 14 transactions of 5,000, 10,000 and 20,000 ETH.
The last time the wallet was active was in July 2019, when about 5,000 ETH was transferred to Bitfinex.
The movement of this significant amount of coins has caused a reaction in the community. Some have suggested the possibility of a major sell-off on the eve of The Merge update, as a result of which the Ethereum blockchain will switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus algorithm.