A crypto user and Ethereum Name Service (ENS) holder has successfully reclaimed a staggering $74 million worth of ether from the old ENS registrar, which was replaced approximately four years ago.
The once-dormant wallet, untouched since November 2021, recently sprung to life, initiating a series of transactions to retrieve 39,700 ether across multiple moves, according to Lookonchain. Intriguingly, the wallet subsequently transferred nearly 63,700 ether, funds already residing within it, to a new wallet.
The fascinating tale behind this impressive recovery lies in the fact that the individual in question had secured ownership of several ENS names back in the period of 2016 and 2017.
However, when the ENS platform upgraded to a more permanent registrar in 2019, this user failed to release the necessary deeds to claim their locked funds. Nick Johnson, the lead developer of ENS, shared this insight with The Block.
The ENS system is renowned for providing user-friendly and human-readable names, such as example.eth, linked to blockchain addresses. This feature greatly simplifies the process of sending transactions.
Nonetheless, despite the upgrade that took place in 2019, numerous users are yet to migrate their holdings to the new registrar, leaving a substantial amount of ether trapped in the old registry. ENS Lead Developer Nick Johnson expressed on Twitter that hundreds of thousands of deeds remain unclaimed in the old registrar, holding tens of thousands of ether.
The recent success story of the astute crypto user serves as a powerful reminder to other ENS holders who may still have valuable assets locked away in the obsolete registrar. The incident highlights the significance of timely migration and action in the fast-paced world of cryptocurrencies.
As the crypto space continues to evolve, such developments can significantly impact the financial landscape. However, it also draws attention to the need for greater awareness and education among crypto users to navigate the ever-changing terrain of blockchain technologies effectively.
