Ethereum Co-Founder Sends $38 Million Worth of ETH to Kraken Amidst Crypto Market Rally
One of the co-founders of Ethereum made a significant move in the crypto space by transferring over $38 million worth of ETH to the popular exchange Kraken. The transaction, which was detected by blockchain tracking firm Arkham Intelligence, involved Jeffrey Wilcke, an original Ethereum founder. Wilcke sent a total of 10,000 ETH, valued at $27.52 million, to Kraken in the early hours of Wednesday. Additionally, he also transferred 4,300 ETH, worth $10.75 million, to Kraken over the weekend.
While the intentions behind these transfers are uncertain, it is likely they will be used for selling on the open market through Kraken. Wilcke’s Etherscan data suggests that he still holds more than 135,738 ETH, with a current value of over $371 million.
Interestingly, Wilcke made these transfers at a time when Ethereum reached its highest price in two years, with the cryptocurrency trading at $2,738. This move adds to the recent trend of notable Ethereum holders taking action in the crypto market.
Recently, Lookonchain, a crypto tracker, revealed that an early Ethereum investor deposited 39,260 ETH, worth $87.5 million, to Kraken after being dormant for over five years. This substantial whale had received 47,260 Ethereum, valued at $11.34 million, between June and August 2017. However, after selling 8,000 ETH the following year, the investor had not made any further token movements. If this whale were to sell its holdings on Kraken, it would yield a profit of approximately $78 million according to Lookonchain.
Overall, these transfers reflect the growing activity and interest within the crypto market, as notable individuals make key moves amidst a rally in digital asset markets.