Your favorite crypto news blog

Ethereum ICO Pre-Sale Address Dumps 320,000 ETH in 3 Months

Altcoins 2019/12/17 11:48 by Emilio Janus
Ethereum ICO Presale Address dumps 320000 ETH

An Ethereum wallet address loaded with 530k ETH from the ICO pre-sale has dumped over half since September 25. Prior to this date the tokens had been HODLed since the 2015 Initial Coin Offering.

Pre-ICO ‘Whale’ Account

The wallet address (and recent sell-off) was brought to the public attention in a tweet from D5 -Data Science DAO Co-Founder, Alex Svanevik.


In fact, the wallet address was one of four “whale accounts” highlighted in a Reddit post back in April 2017. The address had been initially funded and since then hit with over 100 zero-balance inputs of ETH, thought to be from spam or network attacks.

Other than that, the account had remained untouched since its inception… until 83 days ago.

Let The Dumping Commence

According to etherscan, on September 25, the account saw its first transaction out, of 45.2k ETH. Then, roughly every two weeks, there was another token move out of the account, with values ranging from 48k to 63.2k ETH.

Finally, the dumping seemed to pause on November 8, until four days ago, when another 60k ETH transaction was sent to a smart contract. This latest sum is approximately worth $7.9 million at the time of writing.

Quite why this ‘whale’ account was static for so long before recently moving over half of the tokens, is unclear. As is whether the dumping will continue.

The smart contract to which the most recent transaction was sent was created in March, and has only received 7 transactions, 2 of these from our ‘whale’ account.

Ethereum Foundation Sold At Peak

Ethereum took a bashing overnight, sinking to 10-month lows, along with the majority of other high-profile altcoins; including Ripple (XRP), EOS (EOS), Litecoin (LTC) and Binance Coin (BNB).

Although, as Vitalik Buterin revealed recently, the Ethereum Foundation (and he himself) made a pretty penny by selling a bunch of ETH when the coin peaked in late 2017 and early 2018.

What do you make of the Ethereum dumping situation? Add your thoughts below!

Images via Shutterstock, Twitter @ASvanevik

The post Ethereum ICO Pre-Sale Address Dumps 320,000 ETH in 3 Months appeared first on Bitcoinist.com.

4 Like(s)

You should also read...

Altcoins 20/11/19 00:00 by JP Buntinx
Coinfield CEO Claims Ripple’s XRP is Better than Ethereum
Everyone in the cryptocurrency industry is entitled to their own opinion. Even when they claim how Ripple’s XRP is better than Ethereum in many different ways. This rather unusual statement was...
Read More
Crypto 26/11/19 13:30 by Christine Vasileva
Coins Should Be Ranked By Nodes Not Market Cap, CoinMonks Say
Ranking coins by the number of nodes may give more insight into the value and potential of a crypto asset. The current ranking based on market capitalization may be misleading, CoinMonks argue. Nodes...
Read More
Crypto 09/12/19 05:00 by Martin Young
Tezos (XTZ) Bakes The Crypto Competition With 27% Weekend Surge
The weekend has seen marginal gains for most crypto assets as total market capitalization claws back above $200 billion. Tezos has been the clear leader in terms of performance though as it tops $1 bi...
Read More
Mining 14/12/19 13:00 by Nick Chong
Crypto Tidbits: Bitcoin Mining Still China-Centric, Ethereum Istanbul Live, Banks Use Blockchain For Bonds
Another week, another round of Crypto Tidbits. Bitcoin, again, saw an effectively flat week, losing a few percent in the past seven days (which isn’t much in the grand scheme of things), accordi...
Read More
Altcoins 14/12/19 14:35 by Brenda Ngari
Ethereum Volatility Sinks To Historic Lows – Intense Price Breakout Coming?
The crypto market has grabbed the headlines for its volatility, which has resulted in parabolic movements and wild price swings which subsequently result in immense profits or losses. This has, howev...
Read More