Ethereum ICO Whale Continues To Sell Large Amounts Of Ether

According to Cointelegraph, a participant in the Ethereum initial coin offering (ICO) has continued to sell significant amounts of Ether tokens, following a previous large sale of $24 million in cryptocurrency a few months ago. On October 24, an Ethereum ICO whale sold another 3,000 Ether (ETH), cashing out more than $7.6 million, as reported by blockchain analytics service Lookonchain. This same address had previously sold 7,000 ETH in July, which led to a 15% drop in the ETH price at that time. The recent transactions represent about 4% of the total ETH received by the whale during the Ethereum ICO in 2015, which amounted to 254,908 ETH. Ethereum, unlike Bitcoin (BTC) which launched without an ICO in 2009, was introduced through a token sale. Ethereum co-founder Vitalik Buterin announced the Ethereum ICO for the Ether token in early 2014 at the North American Bitcoin Conference in Miami. The ICO sold approximately 60 million ETH to investors, raising around 31,000 Bitcoin, worth about $18 million at the time. The initial discounted price was set at 2,000 ETH per BTC, or roughly $0.3 per ETH, with the Ethereum Foundation emphasizing that the tokens were not securities. This ICO created numerous Ethereum millionaires who have held large amounts of ETH over the years, with many cashing out as the ETH price surged. Out of the total 254,908 ETH received during the Ethereum ICO in 2014, the whale still holds 37,070 ETH, valued at approximately $94 million, according to Lookonchain. Unlike the previous sale of 7,000 ETH in July, the latest sale of 3,000 ETH has not caused a significant decline in the ETH price. Data from CoinGecko indicates that Ether dropped around 2.4% over the past 24 hours at the time of writing, trading at $2,521. Despite a slight decrease over the past 30 days, Ether remains up 38% over the past year, according to CoinGecko data.