Massive Dormant Ethereum Moved

Even though there is still a lot of fear, uncertainty, and doubt (FUD) about Genesis and Barry Sibert’s DCG, a lot of Ethereum that was sitting idle on Genesis and Poloniex has been moved in the last 24 hours. The addresses that weren’t being used sent 22,982 ETH to two new wallet addresses.

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Genesis is where Ethereum came from. Moved Five Years Later

In a tweet on December 19, PeckShieldAlert said that two inactive addresses had sent nearly 22,982 ETH worth $27.2 million to two new addresses. Genesis and Poloniex, in 2016 and 2018, are where this Ethereum came from. Also, there hasn’t been any change to the wallet addresses since October 2018.

On-chain analytics platform Lookonchain also said that two addresses that hadn’t been used in 5 years started up again on Sunday and moved 22,983 ETH. Both of the new addresses now have almost 13,105 ETH and almost 9,878 ETH.


The old addresses are only worth $57.32 and $25.81 at this point. Also, the only Ethereum in the new addresses are the ones that were moved on Sunday. When dormant crypto assets start to move, they are usually sold off in the next few days.

Price of Ethereum

At the moment, the price of Ethereum is $1,182, which is almost 6% less than a week ago. Last week, a lot of people sold their coins because they were worried about Binance and the market. Analysts think that the price of Ethereum can go back up from $1,070 to over $1,300. It will also depend on whether or not Bitcoin stays above $16.5.

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DCG’s Genesis and Grayscale

DCG’s Genesis and Grayscale are at risk of going bankrupt. Last week, Twitter said that cryptocurrencies related to Barry Silbert’s Digital Currency Group, such as Filecoin, Flow, Stacks, Livepeer, Ethereum Classic, Decentraland, and others, had huge selloffs.

Experts on Cryptocurrencies

Andrew Parish and Adam Cochran, two experts on cryptocurrencies, said that if DCG is selling cryptocurrencies in small amounts, it could be the first sign that DCG is going bankrupt. Also, Grayscale’s GBTC and EETH could be dissolved by DCG. In fact, this could put Grayscale out of business. GBTC is trading at a discount premium rate of -48.79% and EETH is trading at a discount premium rate of -52.58%, according to data from Coinglass.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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