Anonymous Investor Turns $620 into $5.1 Million with Ethereum
In a remarkable turn of events, an anonymous investor has transformed a modest $620 investment into a staggering $5.1 million by investing in Ethereum, the second-largest cryptocurrency by market capitalization. This equates to a return of over 8,270 times the initial investment.
The initial investment was made 10 years ago during Ethereum’s Initial Coin Offering (ICO). The investor’s exit occurred as ETH has been trading relatively flat around $2,600 for over a month.
Investor ‘Abandons’ Ethereum After a Decade
Unlike Bitcoin, Ethereum conducted an ICO to fund its project development. While many early investors quickly sold their coins during the initial price surges, some have held onto their investments for a decade.
Recently, one such investor exited their position, selling over 2,000 ETH on the open market. The transaction was tracked by Lookonchain.
“An Ethereum ICO participant, dormant for nearly 10 years, deposited all 2,000 ETH ($5.13M) into Binance in the past 2 days. They spent $620 to buy the 2,000 ETH 10 years ago — now cashing out for $5.13M, an 8,270x return.”
Compared to its 2021 peak of $4,900, Ethereum is currently down 50%. This may have led the investor to lose faith in the project’s future, which has underperformed in the current cycle. Alternatively, they may have simply decided to enjoy their newfound wealth.
Among the more well-known investors in the Ethereum ICO is Alexis Ohanian, co-founder of Reddit. In 2024, the entrepreneur revealed that it was his best investment, turning $10,000 into $17.1 million.
Ethereum Undergoes Update and Leadership Change
Despite its recent performance, Ethereum continues to evolve. The first is the Pectra upgrade, which helped the coin trade above $2,000 last month.
Additionally, the Ethereum Foundation has made changes to the project’s leadership, appointing Hsiao-Wei Wang and Tomasz Stańczak to replace Aya Miyaguchi, who had been facing criticism.
However, some of the community has already migrated to cheaper networks to launch memecoins, move stablecoins, and create tokenized projects.
Therefore, Ethereum needs to accelerate its development to compete with Solana and other smart blockchains. Charles Hoskinson, co-founder of Ethereum and founder of Cardano, believes ETH will die in the next 15 years.
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