Two Ethereum Foundation-Linked Wallets Send 4,393 ETH to Kraken Worth About $11.13 Million
Summary
- Two wallets linked to the Ethereum Foundation deposited about 4,393 ETH into Kraken, resulting in a transfer worth about $11.13 million.
- The wallets had received a combined 59,751 ETH from the Ethereum Foundation about 10 years ago, when Ether was trading at around $0.90 per token.
- Lookonchain said it remains unclear whether the exchange deposit led to an actual sale, but the possibility of additional selling tied to the Ethereum Foundation and the disposition of the tokens moved to Kraken are drawing attention.
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About $11 million worth of Ether moved from two wallets believed to be linked to the Ethereum Foundation to the cryptocurrency exchange Kraken.
On-chain analytics firm Lookonchain said on Oct. 12 that the two wallets deposited a combined 4,393 ETH into Kraken about five hours earlier. The tokens were valued at about $11.13 million at the time.
The wallets previously received a combined 59,751 ETH from the Ethereum Foundation about 10 years ago. Ether was trading at around $0.90 a token at the time.
The transfer drew attention because a large amount of assets moved to an exchange from wallets holding early Ethereum allocations. Exchange deposits are generally watched by the market because they can signal an increase in tokens available for sale.
It has not been confirmed, however, whether the deposit led to an actual sale. The fact that the wallets previously received assets from the Ethereum Foundation also does not necessarily mean the foundation itself is now selling directly.
Lookonchain disclosed the transfer and raised the possibility of additional selling tied to the Ethereum Foundation. Attention is now focused on whether the tokens sent to Kraken are ultimately sold.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.