In a surprising revelation, Conor, the Director at Coinbase, took to Twitter to disclose a significant event involving Kucoin deposit addresses and the Ethereum burn address.
According to his tweet, thousands of Kucoin deposit addresses collectively transferred tens of millions of dollars worth of ETH to the Ethereum burn address back in September 2021. This substantial movement of funds seemingly went unnoticed by the public eye until now.
The transfer of funds to the Ethereum burn address, commonly known as the null address, has long been a curiosity for cryptocurrency enthusiasts. The null address is infamous for holding a substantial amount of ETH, and Conor’s tweet sheds light on the source of this accumulation.
The transfers occurred over a span of three days, commencing on September 7th, 2021. More than 3,500 transactions involving both USDT (Tether) and ETH were executed as part of this event.
Speculation arises as to the reasons behind these transfers. Conor ponders the possibility of a one-off agreement between Kucoin and Bitfinex, a prominent cryptocurrency exchange, to redeem the USDT. However, the motive for burning the ETH remains a mystery, leaving analysts and industry experts puzzled.
The implications of such a massive movement of funds and the subsequent burn raise several questions. The lack of attention or awareness surrounding this event underscores the need for increased transparency and vigilance within the cryptocurrency ecosystem.
Ethereum Whale Deposits 23,080 ETH To Binance
Whereas, just a few days ago, LookOnChain, a prominent cryptocurrency analytics platform, reported a noteworthy Ethereum (ETH) transaction.
According to their tweet, an anonymous entity, commonly referred to as a “whale” in the crypto community due to their significant holdings, deposited a staggering 23,080 ETH to the renowned cryptocurrency exchange, Binance.
The transaction gained attention as it coincided with a notable surge in the price of ETH. At the time of the deposit, the total value of the cryptocurrency amounted to a staggering $44 million. The whale’s decision to deposit such a substantial amount raises curiosity and speculation within the cryptocurrency market.
For further analysis, LookOnChain provided additional information by disclosing the average withdrawal price for Ethereum. According to their data, the average price at which ETH was being withdrawn from the exchange stood at $1,820.
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