Skip to main content

Ethereum Foundation Trades 1,700 ETH for $2.76 Million in USDC

Blockchain sleuths spotted the Ethereum Foundation trading 1,700 ETH for a hefty $2.76 million in USDC stablecoins. This comes hot on the heels of Ethereum’s co-founder, Vitalik Buterin, transferring a cool $3.79 million in ether within a mere ten days.

Ethereum Foundation Parts With Ethereum in $2.76 Million Stablecoin Deal

Through the decentralized platform, Uniswap, the Ethereum Foundation executed the 1,700 ETH for $2.76 million USDC swap. Eagle-eyed observers and the sharp team at Scopescan didn’t miss a beat. “The Ethereum Foundation has just sold 1.7K ETH ($2.76M) for USDC,” announced Scopescan at a bright and early 4:25 a.m. Eastern Time on Monday. Naturally, this stirred some buzz in the crypto sphere.

“Ethereum Foundation sold 1,700 ETH for $2.7 million because: They are paying to their workers. They are building new projects. They’re supporting new devs and projects. Don’t panic,” advised a fervent ether enthusiast.

This transaction trails Buterin’s recent move of shipping $3.79 million in ether to centralized platforms within a span of ten days. Data from Arkham Intelligence reveals that the Ethereum Foundation’s coffers still boast a staggering 316,761 ether, valued at a whopping $501 million. Additionally, they’re sitting on a nest egg of around $49 million in wrapped ether (WETH).

Historically, the Ethereum Foundation has been transparent with its finances, releasing periodic reports. It’s anticipated that this latest trade might feature in their upcoming disclosure. Today, ETH’s value dipped by over 3%, seemingly influenced by tensions arising from the Israel-Hamas strife. The crypto giant, second only in market cap, has seen its value slide below the $1,600 mark, currently trading at $1,578 per token.

What do you think about the Ethereum Foundation parting ways with 1,700 ether? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/8NqWwCh
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more