A wallet Address full of 530,000 Ethereum (ETH) from the Initial Coin Offering pre-sale has fallen more than half since September 25, from its initial worth. Before this date the amount of cryptocurrency where been HODLed from the Initial coin Offering in 2015. The ETH ICO first happened in 2015 as reported in the ethereum news previously.
The address of the wallet (and recent sell-off) was publicized from Twitter in a tweet by Alex Svanevik Co-Founder of D5- Data Science DAO. The wallet address was one of the four whale accounts and it was funded at the start in 2015 and since then it was hit with more than 100 zero balance inputs of Ethereum which is usually considered a form of spam or network attack. The address of the wallet was initially noted in a Reddit post in 2017.
There were no other activities except the aforementioned since its origin, until 83 days ago. According to etherscan, the first transaction that withdraws funds was on the 25th of September and it took 45.2k of Ethereum (ETH). After which, approximately every two weeks, there was crypto withdraw from the account that fluctuated from 48k to 63.2k Ethereum (ETH).
Lastly, it appeared like the shrinking is paused on November 8th of 2019, but after four days ago, there was another 60K Ethereum (ETH). The worth of the latest withdrawn funds is about $7.9 million, at the moment of writing this article. It is unknown why this whale account before it moved above half of the Ethereum (ETH) coins, was quiet for this long. Also unknown is will the withdrawal of funds will continue. The most recent transaction was sent in a smart contract that was created in March of 2019, which received 7 transactions from which 2 are from the aforementioned whale account.
Ethereum took a bashing overnight, falling in 10-month lows, together with the multitude of the other big cryptocurrencies including, Ripple (XRP), EOS (EOS), Litecoin (LTC) and Binance Coin (BNB). Though it was revealed recently by Vitalik Buterin and the Ethereum Foundation earned a lot of money by selling a huge sum of Ethereum (ETH) when the coin experienced its peak in late 2017 early 2018. The first ETH ICO in 2015 was done for the augur cryptocurrency.
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