An address that participated in Ethereum's initial coin offering woke up and moved coins for the first time in eight years — transferring out 641 ether, worth nearly $1.2 million.

On-chain analytics Twitter account Lookonchain noted that the address moved the ether in order to stake it.

More than 2,922 days ago, the address in question received exactly 2,000 ether from Ethereum's genesis at a price of roughly $0.31 per coin. That total amount is worth more than $3.72 million today.

This is not the first time this summer that Ethereum ICO participants have made moves after a long period of inactivity.

Earlier this month, an Ethereum ICO participant transferred 61,216 ETH — worth over $116 million at the time — to Kraken. That followed a similar transfer of $15 million in May and a …