Whale Consolidates $88M Worth of Ethereum in Two Transactions

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Two major transfers—one with 185,997 ETH and the other with 300,000 ETH—have been made just minutes apart from each other. They also appear to be mysteriously linked. Are whales accumulating?

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Something strange just happened on the Ethereum network which has tipped off Whale Alert (@whale_alert). In just the span of a few minutes, over $88M worth of ETH was transferred and consolidated in wallets in just two transfers. The two moves appear to be linked by the same contract creator.

Two Major Transfers Just 10 Minutes Apart

The first one was a transfer of 300,000 ETH ($54,969,131) to an unknown wallet. The transaction fee was only $0.08.

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It seems to have been sent to a contract created three days ago. The address which created the contract only has 1.899 ETH, which is strange. The reason for this move is largely unexplained.

However, just 10 minutes later, there was another major transfer which set off Whale Alert (@whale_alert). 185,997 ETH ($34,019,838) was moved in a strange chain of events. The transaction fee was also $0.08, like last time.

Again, we have the same situation: ETH being sent to a contract. The contract creator is also, interestingly enough, the same address that created the recipient contract for the previous transfer. So, it seems that these two transfers of ETH are intertwined. This particular contract was created 53 days ago.

A Strange Situation

It’s hard to say what the reason is for this consolidation of funds, in a contract on Ethereum no less – a platform that could be ideal for revolutionaries fighting for their freedom. There is some speculation that this may be linked to a dApp in development, but it seems hard to believe that a dApp would need over $88M in funding. So, it could as well be a major whale storing their funds within a contract to HODL.

Perhaps the community will do some more digging on this strange transfer and we can get to the bottom of it— this could be part of a consolidation period of Ethereum. However, for now, we can only speculate.

What do you think is the reason for this large transfer to two contracts on Ethereum? Let us know your thoughts below in the comments. 


Images are courtesy of Twitter, Shutterstock.

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Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.

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