Genesis Block Balance of 380k Ethereum (ETH) Has Been Moved To another Address

ethereum mining power

Over the past years, there have been several cases of dubious development in the digital currency space. Not a day or week goes by without one trending news (bullish or bearish). As for Ethereum (ETH), so many eyes are on its value at the moment. Unfortunately, the value of the digital currency is not looking very healthy at the moment.

Nevertheless, the major concern right now is the genesis block balance. The balance of the genesis block has been moved to a new Ethereum (ETH) address in the last three weeks. The total balance in question is 380,000 ETH.

The Ethereum Genesis Block Balance Is Zero

A lot of people tend to have forgotten when the Genesis block of Ethereum came into existence. The Genesis block was created 1,209 days ago from the press time, according to Etherscan. This implies that Ethereum (ETH) is about four years old.

While the blockchain project has been in existence for quite some time now, it’s still encountering some of its initial problems up until now. One of the initial problems faced by the Ethereum network in its early day is scalability. Up to this very moment, scaling is still a big issue for Ethereum.

Another thing in question is the number of use cases for Ethereum. Until now, the only known use case for Ethereum is the creation of tokens that are sold via ICOs. Though the blockchain project is capable of doing more than that, a lot of people still don’t know about the diverse use cases of Ethereum.

A PlayStation 4 game will soon feature the blockchain technology of Ethereum, nevertheless, a lot of players still won’t know what they’re dealing with exactly. Taking all of those factors out of consideration for the moment, it still unclear why funds in the genesis block wallet were moved at this time.

380,000 ETH Moved From Ethereum Genesis Block Wallet in Less than Three Weeks

According to Etherscan, 227,929 ETH was moved from the wallet to another address 18 days ago. Another 152,071 ETH was also moved to the same address yesterday. By the look of things, the receiving wallet doesn’t belong to any trading platform or service provider.

The address does not have any official label, nonetheless, it has been active for quite some time. The address has just been accumulating ETH. At the moment, the address holds more than 454,547 ETH, which is about $58 million at the moment.

What is more surprising is how 227,929 ETH was moved from the new wallet to a third wallet right after it received the funds. However, the funds have remained in the third wallet since it arrived. At the moment, no one knows why such a huge amount of ETH was moved to the new wallet. No one has come out to say anything about the transfer, and no one knows who the new account belongs to either. However, there must be a reason for the transfer and it might be revealed in the near future.

Ethereum (ETH) Price Today – ETH / USD

NamePrice24H %
ethereum
Ethereum(ETH)
$0.00-2.08%

Ethereum (ETH) is currently trading at $136.83 after an increase of about two percent over the past twenty-four hours. The current market cap of the digital currency is $14.14 billion and its trading volume over the past twenty-four hours is $3.01 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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