Ethereum Foundation continues regular ETH sales as an Ethereum ICO participant deposits to Kraken after 2 years of inactivity.
An Ethereum ICO participant, who initially received 150,000 ETH at the Genesis block, has recently re-emerged after over two years of inactivity. The participant, whose ICO cost was just $46,500, saw their holdings swell to a staggering $389.7 million.Â
Recently, they moved 3,510 ETH, valued at $9.12 million, to the Kraken exchange, as first spotlighted by Lookonchain.
An #Ethereum ICO participant who gained 150,000 $ETH($389.7M) deposited 3,510 $ETH($9.12M) into #Kraken after being dormant for over 2 years!
The participant received 150,000 $ETH(ICO cost was $46.5K, now worth $389.7M) at #GENESIS.https://t.co/kmnmEbbwMY pic.twitter.com/0uVPdPwJ9M
— Lookonchain (@lookonchain) September 23, 2024
Portfolio and Recent Transfers
A closer examination of the participant’s portfolio reveals a current ETH balance of 11,489.99 ETH, worth approximately $30.6 million. The wallet also holds 16 different tokens.Â
Notably, the last known transaction before this recent activity occurred 771 days ago when the participant received three separate transfers of 5,000 ETH each from another address.Â
Foundation’s Regular Liquidation Patterns
Meanwhile, elsewhere, the Ethereum Foundation has maintained a steady pattern of ETH liquidations, drawing attention from market observers.
On September 21, the Foundation sold 300 ETH, valued at approximately $763,000, at an average price of $2,543 per ETH. The transaction involved an exchange of ETH for DAI stablecoin, continuing a series of similar moves.Â
The Ethereum Foundation has sold $ETH… again!
In the past 20 minutes, they sold another 300 $ETH for 763,092 $DAI.
Overall, since the beginning of September, the Ethereum Foundation has sold 950 $ETH ($2.27M) at an average price of $2,392, with sales occurring every 4-7 days.… https://t.co/tnF0vK1zgs pic.twitter.com/jloNPcoHqZ
— Spot On Chain (@spotonchain) September 20, 2024
Additionally, earlier in September, the Foundation liquidated ETH worth $226,868 and $1.029 million on separate occasions.
In total, at the time of Spot On Chain’s post, the Foundation had sold 950 ETH since the start of September, equating to approximately $2.27 million. These sales have occurred in a consistent cycle of every four to seven days.
Multi-Signature Wallet Transfers Too?
Alongside the Foundation’s activities, significant movements have also been observed involving a multi-signature wallet linked to the Foundation.
On September 6, during a period of price decline for Ethereum, on-chain data revealed a transfer of 1,000 ETH, valued at about $2.38 million, to this wallet. At the time, this wallet currently held 1,678 ETH, worth around $3.98 million, along with 32 different tokens totaling $98,755 in value.
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