Ethereum Co-Founder Transfers 20,000 ETH to Kraken

Ethereum developer and co-founder Jeffrey Wilcke transferred 20,000 ETH (~$72.5 million) to the cryptocurrency exchange Kraken, as noted by Spot On Chain.

Experts highlighted that the transaction occurred amid a rise in the cryptocurrency’s price, which brought the rate close to $3700.

According to their data, this marks the fourth sale of large batches of ether by the programmer since the beginning of the year. The total volume amounted to 44,300 ETH ($148 million) at an average price of $3342.

Wilcke continues to hold 106,102 ETH valued at $381.26 million. The second-largest cryptocurrency by market capitalization constitutes nearly his entire portfolio of digital assets. The next most valuable position is 581.7 Ethereum Name Service (ENS) tokens worth $20,563.

In 2019, Wilcke faced sharp criticism from the community for selling 92,000 ETH on Kraken. He explained that the funds were needed to finance his gaming company, Grid Games. According to his LinkedIn profile, he still leads the firm.

Ethereum co-founder Vitalik Buterin has also been accused multiple times of selling his ETH holdings. However, the programmer claims he has held the cryptocurrency since 2018, and transactions are always directed either to support projects within the blockchain ecosystem or for charity. He acknowledged, though, that the final recipients likely liquidate the assets on the market.

Earlier in November, an unknown whale holding 398,891 ETH began selling coins after eight years of inactivity.