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Participant in the initial coin offering (ICO) Ethereum (ETH) has woken up after roughly two and a half years of inactivity to stake 4,032 ETH, worth about $7.3 million at the time of writing.
Bankrupt crypto lender Celsius Network has attempted to recover its Ethereum pledged to Lido (stETH).
Ethereum whale returns with huge investment
Ethereum (ETH) has forced one of its oldest supporters to surface after more than two years of inactivity to bet big.
Keith, who has been inactive for 2.4 years, created a contract 3 hours ago and staked 4032 ETH ($7.4 million).
Keith is a member of the Ethereum ICO and received 60,000 $ ETH на Genesis.
— Lookonchain (@lookonchain) May 18, 2023
Based on data from a Lookonchain analyst, an investor participated in an ETH ICO in 2015, acquiring a staggering 60,000 ETH on the mainnet when the project debuted.
This news adds to the list of mysterious attentions that have caught the attention of the Ethereum network. More recently, another mysterious organization has come under the spotlight for making millions of dollars and eating huge percentages of gas fees on the grid.
Blockchain data analysis firm EigenPhi outlined the revelation in a report showing that MEV bot operator Jaredfromsubway has been using traders on the Ethereum blockchain since Feb. 27, and his criminal activities have netted him $40.6 million in revenue.
This came after the organization carried out a total of 238,000 attacks with over 106,000 casualties. Notably, Jaredfromsubway refers to a former member of the Subway sandwich chain who was sentenced to 15 years in prison for sex offences.
jaredfromsubway.eth basically exploits these toxic MEV features.
Their success can be attributed to skills, strategy and technology. The bot detects more MEV capabilities and completes transactions faster than the competition. ️
— Nox (@0xNox_eth) May 8, 2023
All of this happened while the network was running a Max Value Extractable bot (MEV).
Shapella Ethereum upgrade put to good use
After the Ethereum Shapella update, investors can unstake and withdraw their stETH, and Celsius has begun the process of returning their Lido Staked Ether tokens by requesting 428,084 stETH to be distributed in batches of 1,000 stETH per unit.
Remarkably, the report came just two days after the now bankrupt crypto lender Celsius Network decided return your Ether tokens (stETH) placed in Lido, from the liquid staking platform Lido, which recently allowed withdrawals.
Celsius can invest the recovered capital in its recovery efforts. Alternatively, the lender can offset part of its $4.7 billion debt to creditors. Notably, Celsius Network also converted 22,962 Wrapped Bitcoins (wBTC) into Bitcoins in February. Based on the BTC exchange rate at the time, this was equivalent to approximately $540 million.
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