Ether Plummets As Huge Transfer By Founders Underway

Blockchain, News | November 24, 2018 By:

A huge amount of ether is being removed from the ethereum Genesis block, as founders are apparently cashing out as the market tanks.

Just six hours ago, 152,071.04115819 ether was transferred. It can’t be determined whether this is an individual cashing out or a group movement.  About 12 million ether was preserved for the software’s founders when it was established.

More than 228,000 in ether has been removed from the wallet since November 1, worth more than $50 million.

Ether is down more than 13% today, sitting this afternoon to $151, and may plummet as news of the transfer hits the general public. The price is a 2018 low for the third-largest cryptocurrency by market cap, and represents about $2.25 billion shaved off just today.