Ethereum Co-Founder Moves $41M Worth of ETH to Kraken

Jeffrey Wilcke made the first ETH transfer since January 2023.

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  • Jeffrey Wilcke sent 22,000 ETH to a Kraken address.
  • The 22,000 ETH was worth around $41 million at the transfer time.
  • Wilcke’s transfer occurred just hours before the SEC sued Binance.

The current crypto bear market has been one of the most brutal ones. Multiple companies have gone bust, and digital asset prices have plummeted.

The price has somewhat rebounded for Ethereum (ETH) since the local bottom of around $850. 

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However, on Monday, one of Ethereum’s co-founders transferred millions of dollars worth of ETH to a Kraken address, causing speculation that the ETH had been dumped.

Ethereum Co-Founder Transfers 22,000 ETH

ETH has been enjoying quite steady growth since the start of the year, being up by around 51%.

However, the recent move by one of the co-founders of Ethereum has made ETH investors uneasy. Jeffrey Wilcke transferred 22,000 ETH on Monday to another address, then moved it to Kraken.

At the time of the transfer, 22,000 ETH was worth around $41 million.

More interestingly, Wilcke transferred the ETH just hours before the U.S. Securities and Exchange Commission (SEC) announced its lawsuit against Binance. The price of ether then dropped by around 5%.

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ETH is currently trading at $1,816, according to data from CoinGecko.

This was Wilcke’s first transaction on that address in more than two years. In January 2023, Wilcke transferred 9,999 ETH to a different address, from which he then moved to a Kraken-labeled address.

Wilcke’s transfer of 22,000 ETH comes just a month after the Ethereum Foundation sold 15,000 ETH.

On the Flipside

  • Wilcke still holds over 150,000 ETH, worth around $272 million.

Why This Matters

Seeing what ETH insiders do helps better position oneself as a trader and investor. However, nowadays, a $41 million sale doesn’t significantly impact the price of ETH.

Read more about Rocket Pool’s deployment on zkSync Era:

Rocket Pool to Allow Users to Stake ETH on Ethereum Layer-2 zkSync Era

Read more about Circle deploying USDC on Arbitrum:

Circle to Deploy USDC on Arbitrum: Here’s What This Means

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.