Ethereum News: Ethereum (ETH), like many other cryptocurrency, has had a challenging year. The current issue is not the ailing price, but the balance of Ethereum Genesis Block, which is currently zero. 380,000 ETH have been moved to a new Ethereum address (ETH) in the past three weeks.
18 days ago, 227,929 ETH was moved from the Ethereum Genesis wallet to another address, according to Etherscan. On Tuesday, another chunk of 152 071 ETH was transferred at the same address. The receiving wallet is not associated with any trading platform, service provider or other organization.
Ethereum Genesis Transfer
Although the receiving wallet is active for some time, it does not have an official address. It has been accumulating ETH over the past few months and currently holds more than 454,547 ETH. This is approximately $58 million.
Interestingly, 227 929 ETH was transferred from this wallet to a third wallet immediately after funds were received. Although the funds have not been moved to the third wallet, it is just as mysterious as the first one. This mystery of why a large chunk of ETH was transferred to new wallets has not been solved by anyone.
Ethereum (ETH), which is now four years old, has seen rapid growth in many areas but still suffers from many. The network still faces some of its early problems, such as scaling. Secondly, ethereum enthusiasts love its many uses, but it is most well-known for creating tokens that can be sold via ICOs.
Although Ethereum can be used in many different ways, most people aren’t aware of it. For instance, a PlayStation 4 game will soon integrate a feature backed by blockchain technology of Ethereum. It’s not difficult to do, but most players wouldn’t know exactly what they were doing.
The already confusing nature of the technology makes it more difficult to understand why funds are being moved from the genesis block wallet. But, the transfer must have a purpose and this explanation might be revealed soon.