Ethereum
$64.4 million worth of ETH reportedly withdrawn from the Ethereum Foundation: what’s happening?
Read U.TODAY on
Google News
Recent reports from a crypto journalist Colin Wu reveal a significant transaction involving Ethereum (ETH), worth $64.4 million. The funds were transferred from an account previously associated with the Ethereum Foundation, identified as “0x8e23,” to a newly created address, “0x8798.”
The initial transaction in which the Ethereum Foundation sent 44,167 ETH, then worth $40,930, to “0x8e23” took place nine years ago, on November 20, 2015. As of now, this amount of Ethereum is equivalent to $154.58 million.
This is not the first time that one of the key entities associated with the leading altcoin token has sold its ETH. However, this is one of the largest in recent times, with recent cases not exceeding 100 ETH, or $350,000.
Source: Arkham Secret Service
At one point, Vitalik Buterin, the founder of Ethereum, justified these sales by the need to cover the operating costs of the organization or charity. The question remains whether the possible sale of ETH worth tens of millions of dollars is justified by such a need.
Ethereum (ETH) Price Outlook
Meanwhile, the price of the leading altcoin continues to torment traders in the range of $3,400 to $3,900, and it still will not reach its all-time high at $4,868.
ETH to USD by CoinMarketCap
The uncertainty adds to the low liquidity of the summer market and the confusion with the dates linked to the approval of the spot Ethereum ETF. However, experts expect the situation to be resolved soon.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.