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Dormant ETH ICO Whale Goes on Huge Selling Spree on Kraken

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Wed, 29/11/2023 - 14:04
Dormant ETH ICO Whale Goes on Huge Selling Spree on Kraken
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Blockchain sleuth @lookonchain published a post on the X platform (formerly known as Twitter) that it had noticed an ancient Ethereum holder moving part of his big ETH stash to Kraken exchange.

ETH ICO participant sells ETH, while another big whale buys it

Per the above-mentioned source, this whale participated in the Ethereum Initial Coin Offering (ICO) that took place in 2014. He then purchased 20,000 Ethereum at an approximate cost of $6,200; now, this amount of ETH is worth a lot more than that — roughly $42.4 million. At the moment, this investor holds 5,127 ETH worth $10.7 million in his wallets after he sent his ETH to Kraken today.

He has been gradually selling his ETH stash, according to screenshots published by @lookonchain. Eleven days ago, he deposited 800 ETH to Kraken. Nearly a month ago, he sent 150 ETH to the same U.S.-based crypto trading platform; 42 days ago, the whale moved 20 to Kraken and 142 days ago his very first Kraken deposit constituted 1,000 ETH.

While this investor has been selling his Ethereum, another large whale spent 10 million USDC to buy ETH today — he acquired a total of 4,865 ETH within five hours, paying $2,056 per ETH on average.

This investor has purchased 31,149 ETH in total from Binance and DEX since Sept. 19. As Ethereum has surged by nearly 7% since Nov. 22 and is now changing hands at $2,058, his unrealized profit at the moment is equal to roughly $9.2 million.

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Ethereum Foundation sells million ETH

As reported by U.Today earlier, a large ETH lump has also recently been sold by none other than the Ethereum Foundation. Several days ago, this organization in control of the second largest cryptocurrency transferred 1,000 ETH evaluated at $2 million in an unknown direction, with high odds that it was sent to be sold.

The funds were moved to Safe multisignature wallet "0x4e6b." Safe is a type of wallet based on the Ethereum blockchain. This ETH transfer by the Ethereum issuer has not had any significant impact on the asset price, though.

Buterin wants to redesign Ethereum, Charles Hoskinson comments

During his recent speech in Turkey at the Devconnect event, Ethereum founder and frontman Vitalik Buterin shared his plans to conduct a major redesign of the Ethereum network.

If this indeed takes place, it would have major implications for both users and developers of Ethereum. In particular, Buterin is considering redesigning certain address and staking issues on Ethereum.

Among other things, Buterin wants to integrate private mempools and ERC-4337. Both of these things will allow users to gain more control over their accounts, avoid exposing their transactions to public mempools and perform operations with multisignature wallets in a much easier and more secure manner than they can do it now.

Buterin also stated that he wants to redesign ETH staking and make some of its aspects more decentralized. The Cardano founder (and also one of Ethereum's cofounders), Charles Hoskinson, reacted to that with a sarcastic comment on Saturday, taking a big jab at the Ethereum network and its flaws.

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