An anonymous Ethereum whale withdraws 2,000 units of ETH dormant for 2.5 years.
Lookonchain, a leading cryptocurrency data analytics platform, reported that an anonymous Ethereum whale withdrew 2,000 ETH ($3.47 million) from an address dormant for two and a half years from Binance.
Per data shared by Lookonchain, the transaction occurred today at 01:35 UTC, with the owner paying a nominal fee of just $0.84. Lookonchain says the address has been dormant for two and a half years.
The last time the user did a transaction from the address was on September 2, 2020, withdrawing $1 million worth of USDC from the world’s largest cryptocurrency exchange by 24-hour trading volume.
An address that has been dormant for 2.5 years withdrew 2,000 $ETH($3.45M) from #Binance today.
The address has not done any transactions after withdrawing 1M $USDC from #Binance on Sept 2, 2020,https://t.co/fJIPDohExh pic.twitter.com/tArny3XQAy
— Lookonchain (@lookonchain) March 28, 2023
The reason behind today’s transaction was unclear at the time of writing. However, crypto enthusiasts believe that reports of the Commodity Futures Trading Commission’s (CFTC) lawsuit against Binance and its CEO Changpeng Zhao (CZ), may have influenced the whale’s decision.
nance fud kicking in, lack of trust begins it seems
— engin (@Aftertilt) March 28, 2023
Recall that the CFTC filed charges against Binance and CZ, alleging that the duo offered unregistered cryptocurrency derivatives products in the United States. The commission further alleged that Binance directed U.S. customers to utilize VPN to gain access to the exchange’s products and services.
A Mere Coincidence?
There is a tendency that the withdrawal of 2K ETH by the Binance user might be a mere coincidence. Recently, cryptocurrency investors have moved vast amounts of crypto assets from dormant addresses, and TheCryptoBasic has covered some of these transactions.
In November, an Ethereum address holding 200 ETH was activated after being dormant for more than seven years. Similarly, another whale activated a 7.3 years dormant address containing 500 ETH.
Aside from ETH, cryptocurrency whales have also moved huge amounts of other crypto assets that have been dormant for over two years. A case in point is a transaction that took place earlier this month. As reported, the anonymous whale moved 2,400 Bitcoin (BTC) dormant for over five years.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
