HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

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 24/02/20 16:35 by Guest Author
Tron vs Ethereum: 5 Things You Need to Know
On 7 February 2020, Rodolfo Novak (NVK), the Cold Card and Opendime creator, tweeted a photo of himself with Tron (TRX) founder Justin Sun and Adam Back, Blockstream’s CEO. NVK said “Ethereum was...
Read More
Altcoins 04/05/20 10:23 by PR DESK
Remitano Officially Lists 5 New Invest Altcoins
“Every improvement contributing to your outstanding experience is our daily motivation.” – Remitano According to our survey on Remitano about the demand for Altcoin investing in 202...
Read More
Altcoins 21/05/20 21:00 by Priyeshu Garg
Both BTC and ETH Median Transaction Fees Have Exploded Since the Halving
The halving has caused the transaction fees on both the Bitcoin and the Ethereum network to increase significantly, with Bitcoin recording a growth of 800% in the past 3 months. However, median transa...
Read More
Crypto 08/06/20 16:23 by Suny Rain
Justin Sun talk about TRON 4.0
Justin Sun, who is that guy? In a few words : Justin Sun is the founder of TRON. He is really active in Twitter, mostly talking about TRON but he is still active in the developpement of the TRON p...
Read More
Altcoins 13/06/20 06:00 by Nick Chong
Crypto Tidbits: Bitcoin Fails at $10k, Ethereum Coins Explode, Coinbase Looks to Add 18 Altcoins
Another week, another round of Crypto Tidbits. It’s been yet another volatile week for the Bitcoin market, just like the last. This week, the leading cryptocurrency made an attempt at breaking t...
Read More