380K Ethereum Balance Of Genesis Block Moved To Another Wallet
Ethereum News: Ethereum (ETH) like many other cryptocurrencies have been facing a difficult year so far. However, the current issue at hand it not its ailing price but the balance of Ethereum Genesis Block which is zero, as 380,000 ETH has been moved to a new Ethereum (ETH) address in the last three weeks.
18 days ago, 227,929 ETH was moved from the Ethereum Genesis wallet to another address, according to Etherscan. Another chunk of 152,071 ETH was transferred to the same address on Tuesday. Furthermore, the receiving wallet doesn’t belong to any trading platform or service provider.
Ethereum Genesis Transfer
The receiving wallet has been active for quite some time, its address does not have any official label. Notably, it has been accumulating ETH for a while and currently poses more than 454,547 ETH, that is about $58 million at the moment.
Interestingly, 227,929 ETH was moved out of this wallet into a third wallet right after the funds were received. Though the third wallet hasn’t moved the funds as of now, it is as unknown a wallet as the previous one. No one has come out to solve this riddle, why a huge chunk of ETH was moved to new wallets or who do these wallets belong to.
Ethereum (ETH) is about four years old and though it has grown in many perspectives, it still lacks in many. Some of its initial problems such as scalability is an issue that the network faces till now. Secondly, every ethereum enthusiast boats its multiple use cases, but still, it is mostly known for the creation of tokens that are sold via ICOs.
Ethereum indeed has or can have a diverse set of use cases, though a lot of people don’t know about it. For instance, a PlayStation 4 game will soon integrate a feature backed by blockchain technology of Ethereum. Notably, while a feat in itself, most players still wouldn’t know what they’re dealing with exactly.
Looking into the already ambiguous nature of the technology, the moving of funds from the genesis block wallet without a proper explanation only adds more ambiguity. However, there must be a reason for the transfer and it might be revealed in the near future.
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