Crypto Project Liquidates $9.5 Million in ETH Amid Ongoing Sales

A notable cryptocurrency foundation has made headlines after liquidating a significant amount of Ethereum.

The Interchain Foundation, responsible for the Cosmos (ATOM) network, recently sold 4,000 ETH, valued at around $9.5 million, as revealed by data from analytics platform Ember.

This sale is part of a broader trend, with the foundation liquidating 15,100 ETH, totaling approximately $37.09 million since late April this year.

During its Initial Coin Offering (ICO) in April 2017, the foundation raised 4,882.7 BTC and 246,891 ETH. Since then, it has sold 4,499 BTC and 223,305 ETH, generating an estimated $132.2 million.

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Despite these sales, the foundation retains substantial holdings of 383.8 BTC and 23,587 ETH, valued at about $56.78 million.

The proceeds from these sales are often allocated to developers and projects to promote the ongoing development of the network’s ecosystem.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.