Massive Ethereum ICO Participant Cashes Out 3,000 ETH, Still Holds $93.8 Million in Crypto
2024-10-25

A massive Ethereum initial coin offering (ICO) participant that received an astounding 254,908 ETH during the cryptocurrency’s launch for a total cost of $79,000, has recently sold 3,000 ETH worth around $7.64 million.
The massive Ethereum whale’s total ICO investment exploded from $79,000 into over $645 million, and the whale has over time kept on selling the cryptocurrency and realizing its profit.
According to popular on-chain analysis service Lookonchain, the last time the cryptocurrency whale sold ETH was back in July, when the whale moved 7,000 ETH worth around $24.28 million.
The whale is currently still holding 37,070 ETH worth $93.8 million.
An #Ethereum ICO participant sold 3K BINANCE:ETHUSDT($7.64M) again 55 mins ago.
The last time this whale sold 7K BINANCE:ETHUSDT($24.28M) was on July 1, after which the price of BINANCE:ETHUSDT dropped nearly 15%.
This whale received 254,908 BINANCE:ETHUSDT during the ICO(initial cost was $79K, now worth $646M), and… pic.twitter.com/iAZEVDKmkf
As CryptoGlobe reported, back in July an Ethereum-based project that financed itself through an ICO, Golem (GLM), moved 40,000 ETH worth around $124 million to start staking the funds, effectively becoming a validator on the network to secure yield by helping secure it.
According to data from on-chain analytics firm Lookonchain, the move comes after Golem deposited 3,000 ETH worth around $9.3 million onto leading cryptocurrency exchanged Binance, Coinbase, and Bitfinex, presumably to sell the tokens, building up on its sale of nearly $100 million worth of the second-largest cryptocurrency by market capitalization earlier this month.
Golem, according to Coinbase, is a decentralized computation network aiming to distribute excess computing power to those who need it through a peer-to-peer network that allows its participants to exchange computation.
The protocol’s native token, GLM, facilitates exchange on this marketplace, with users setting bids for GLM they are willing to pay for tasks to be completed for them. Those who complete these tasks are rewarded with those tokens.
On a blog post Golem addressed the Ethereum staking move, noting it’s using a “non-trivial but small portion” of its reserves to initiate “ETH staking tests” to support the project’s growth and development in the future.
The project added it plans to stake part of its ETH reserves to generate yield that will then be used for “operational activities, ecosystem development & building awareness of the possibilities enabled by Golem Network’s decentralized computing platform.”
Golem added that in a bid to show support for Ethereum’s decentralization efforts, it will stake solo – without using a third-party service or another validator.
Featured image via Unsplash.