Golem Network has sold 8,000 ETH, currently worth $21 million, in the past two weeks. It has 22,834 ETH left in its multi-signature wallet.
Golem Network, a project that received 820,000 ETH from Ethereum’s initial coin offering (ICO) in 2016, seems to have resumed sales this week. On Wednesday, a multi-signature address tied to the platform moved 4,000 ETH ($10.5 million) to Coinbase and Binance deposit addresses.
Data from Arkham shows that the Golem wallet, 0x7d…6CF9, moved 4,000 ETH to address 0x159…53b94 by 17:04 UTC on August 21. The wallet then moved 1,904 ETH ($5 million) to Binance deposit and 2,100 ETH ($5.5 million) to Coinbase deposit.
After the transfer, Golem’s multi-signature address had 22,834 ETH ($60 million) left. Notably, the address holds other assets like 50 million GLM ($15.89 million) and 39,806 XDATA ($1,450).
Golem on a Selling Spree
The network’s Wednesday sale was its second in two weeks. Last week, Golem transferred 4,000 ETH ($10.5 million) to a Coinbase deposit address after transferring 12,000 ETH ($39.76 million) to the same address where it moved the Wednesday funds last month.
The Crypto Basic reported that Golem staked 40,000 ETH ($124.6 million) in July, immediately after the sell-off. The decentralized computer platform noted that the staking was to generate yields to support its future growth.
Golem received 820,000 ETH from the Ethereum ICO when the price was $10.2. If it had never sold any of the Ethereum it received, the project’s wallet would have been up by 25,800%, worth $2.15 billion now.
Ethereum was unaffected by Golem’s recent sell-off, as the asset continued its gains on Thursday. The asset is up 1.46% in the past 24 hours and was trading at $2,637 at the time of writing.