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Ethereum Co-Founder Transfers $38,270,000 in ETH to Kraken As Crypto Markets Rally

February 14, 2024

One of the co-founders of Ethereum just moved over $38 million in ETH to the crypto exchange Kraken as digital asset markets move higher.

First spotted by blockchain tracking firm Arkham Intelligence, Jeffrey Wilcke, one of the original founders of Ethereum, sent 10,000 ETH worth $27.52 million to Kraken early Wednesday morning.

And over the weekend, Wilcke also transferred 4,300 ETH worth $10.75 million to Kraken.

While it’s unclear what Wilcke is planning to do with the ETH, they could be sold on the open market through Kraken.

Etherscan data shows that Wilcke still holds more than 135,738 ETH worth over $371 million at current prices.

At time of writing, Ethereum is trading for $2,738, which means Wilcke sent his ETH to Kraken right as it hit two-year highs.

Data from crypto tracker Lookonchain recently revealed that an early Ethereum investor deposited 39,260 ETH worth $87.5 million to the crypto exchange Kraken after being dormant for over five years.

The whale received 47,260 Ethereum worth $11.34 million (at a price of approximately $240 per ETH) between June and August 2017. It sold 8,000 ETH the following year and never moved any tokens thereafter.

If the whale sold its holdings on Kraken, it would have generated a profit of roughly $78 million, according to Lookonchain.

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