Ethereum Co-Founder Transfers 22K ETH to Crypto Exchange Kraken

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Key takeaways:

  • Jeffrey Wilcke, a co-founder of Ethereum, sent 22,000 ETH (worth $41.13 million) to the Kraken exchange. 
  • Jeffrey Wilcke last sent ETH from his address 29 months ago on January 1st, 2021, when he sent 15,000 ETH to Kraken.  

In a recent development that sent ripples through the cryptocurrency community, one of the co-founders of Ethereum, the second-largest cryptocurrency by market capitalization, made a substantial transfer of 22,000 ETH tokens to the popular cryptocurrency exchange Kraken. 

This significant event has the potential to impact various aspects of the crypto space and has garnered attention from investors, enthusiasts, and analysts alike.

Sources reveal that this recent transfer by Wilcke is not his initial substantial move involving Ethereum. Historical data indicates that approximately 29 months ago, on January 6, 2021, he made a significant Ethereum transaction by transferring 15,000 Ethereum tokens to Kraken.

Interestingly, even after these notable transactions, Wilcke’s Ethereum address still holds an impressive amount of over 150,000 Ethereum tokens. At the time of this report, this remaining Ethereum balance is valued at a staggering $280 million.

Lookonchain, an on-chain analytics firm, also saw this significant ETH move. It states that Ethereum co-founder Jeffrey Wilcke has deposited 22,000 ETH worth $41 million to Kraken.

The purpose behind this transfer by Wilcke, an Ethereum co-founder, remains uncertain. Similar to other notable cryptocurrency transactions, this event has generated speculation within the crypto community regarding its potential effects on the market. It is currently unclear how Wilcke intends to utilize this substantial amount of Ethereum on the Kraken platform.

Back in  January of 2023, the crypto community was captivated by another notable transfer. PeckShield, an on-chain analytics company, issued a warning stating that Justin Sun’s wallet had transferred stablecoins worth $100 million to Huobi. This transfer included 50 million USDT and 50 million USDC.

While the  transfer of 22,000 ETH might have caught the attention of market participants and sparked concerns about an impending crypto crash. However, it is essential to approach such claims with caution. 

In a recent development, Santiment, an on-chain analytics firm, has noted a trend where a significant amount of Ethereum (ETH) is moving away from exchanges and into self-custody and decentralized finance (DeFi) options. Interestingly, a considerable portion of these transferred coins has been absorbed by the largest whale addresses on the Ethereum network.

According to Santiment’s report, the ten largest non-exchange addresses currently hold a record-breaking 31.8 million ETH, which amounts to approximately $59.47 billion in value.

This observation can be connected to the transfer made by the Ethereum co-founder. While the exact details of the co-founder’s transfer to Kraken are not disclosed, it is possible that the move is part of the broader trend of ETH holders diversifying their holdings and opting for self-custody or decentralized platforms.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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