Dormant pre-mined Ethereum worth $116M resurrects after 8 years

A wallet address containing pre-mined Ethereum worth $116 million moved its entire stash of 61,216 Ether (

On July 18, at the Ethereum Community Conference event in Paris, Ethereum co-founder Vitalik Buterin shared some challenges in implementing a new feature on the blockchain.

*Vitalik Buterin on the stage of the EthCC event held in Paris. Source: Cointelegraph*

According to Buterin, account abstraction extensions, generally called “paymasters,” can allow users to pay their fees with “whatever coins that they are transferring.”

Along with the potential benefits of account abstraction for users, Buterin also recognized that developers still need to overcome challenges, such as requiring an Ethereum Improvement Proposal to upgrade current Ethereum externally-owned accounts — normal user accounts — into smart contracts and ensuring the protocol works similarly in layer-2 solutions.

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