February 11, 2025
Blockchain

Ethereum whale moved 145,000 ETH received during ICO

  • August 15, 2022
  • 0

Unknown member of Ethereum Genesis ICO Moved 145,000 ETH (~$274 million) from an address that has been dormant for the past three years. Ethereum Genesis ICO giant whale

Ethereum whale moved 145,000 ETH received during ICO

Ethereum whale moved 145,000 ETH received during ICO
Ethereum whale moved 145,000 ETH received during ICO

Unknown member of Ethereum Genesis ICO Moved 145,000 ETH (~$274 million) from an address that has been dormant for the past three years.

The user distributed funds between different wallets and sent 14 transactions totaling 5,000, 10,000 and 20,000 ETH.

Data: Etherscan.

The previous activity in the wallet is dated July 2019, when 5000 ETH was transferred to the Bitfinex3 exchange. At that time, the coin was trading at $219, the transaction amount barely exceeded $1 million.

The movement of such a significant amount of coins caused a backlash in the community. Some have suggested the possibility of a massive sell-off on the eve of The Merge update, where the Ethereum blockchain will switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus algorithm.

Other commenters felt that the Ethereum whale was planning to risk assets and generate passive income from several validator nodes in the PoS network.

The developers have scheduled Merge for September 15-16. After a successful transition to the Goerli testnet PoS algorithm on August 11, they brought the deadlines closer. This was considered the last rehearsal before the update was activated on the mainnet.

Recall that supporters of maintaining the Ethereum network in the PoW algorithm intend to initiate a fork after The Merge. CoinShares analysts were skeptical of the prospects for a potential alternative chain.

The ETC Cooperative has questioned the viability of the fork. However, the EthereumPoW project team described the blockchain fork as “inevitable”.

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Source: Fork Log

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