Not a day goes by in the world of cryptocurrencies without some doubtful developments. In the case of Ethereum, many eyes are on ETH price right now, that does not seem healthy at all. The biggest concern is how the balance of the genesis block has suddenly been moved to a new address in the last three weeks.
Emptying the Genesis Ethereum block portfolio
Most people tend to forget when the Ethereum Genesis block was created. Second EtherscanThis happened 1,208 days ago from the moment I write. This means that Ethereum is almost four years old. While the project has come a long way, some of its initial key problems still persist in 2018. Sizing remains a big problem, and it seems that the number of cases of use of Ethereum is still under discussion.
To date, Ethereum is mainly known to facilitate the creation of tokens that are sold through initial coin offers. Although this is only one aspect of what Ethereum is actually able to do, ordinary people do not know much more when it comes to Ethereum. Its blockchain technology will soon appear in a PlayStation 4 game, although many players will never realize exactly what they are dealing with.
Putting all of this aside for a moment, does not explain why someone is moving funds from the portfolio of the genesis block of Ethereum at this time. A & # 39; Start transfer of 227,929 Ether was made seventeen days ago. Last night a second transfer was made for 152.071 ETH same address as the previous address. Some of the funds received have already moved to another portfolio address.
Unlike what some people might assume at first, this new portfolio does not belong to an exchange or other trading service providers, from the aspect of things. It does not have an official label, yet the portfolio has been active for some time because a lot of ETH is accumulated. At present it holds over 454,547 ethers and counting, which is worth approximately $ 58 million at current prices. This is a lot of money waiting to be liquidated if necessary.
Perhaps the most intriguing aspect is the way this "new portfolio" transferred the ETH 227.929 transfer to a third portfolio shortly after receiving the funds. These funds have not been transferred outside the third portfolio since it was received, which seems to confirm that it will not be liquidated at any time. Even so, this behavior is all rather unusual, even if there does not seem to be any nefarious intent in the minimum.
For the moment, it remains to be seen why this money has been moved to new accounts. There is no specific reason to do so, as none of the new addresses adhere to a different standard than the initial portfolio. Even so, there will be a reason to move the money around. It only happens at a crucial time when all the cryptocurrency markets are battered, which makes every large transfer suspect above all.