An Ethereum ETH/USD wallet, purportedly associated with former President Donald Trump, was reported to have shifted millions in cryptocurrency, which is suspected to be proceeds from sales of non-fungible tokens (NFTs). This was spotlighted in findings published by Arkham Intelligence on December 27.
What Happened: Over the past three weeks, this specific Ethereum wallet initiated the transfer of its holdings, amounting to 1,075 ETH – an equivalent of approximately $2.4 million – to the cryptocurrency exchange, Coinbase.
The wallet was peaking at $4 million previously, Arkham Intelligence said.
Current data from Arkham reveals the wallet encompasses Ethereum assets valued at $1.39 million, along with $644,000 held in MATIC, among other tokens, culminating in a total sum of $2.22 million.
It should be noted that the movement of funds to Coinbase does not indicate sales or conversions to other asset types.
Trump-themed NFTs have been brought to market by NFT International LLC. “NFT INT LLC uses Donald J. Trump’s name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms,” the website reads.
At the time of publishing, Donald Trump’s office had not replied to Benzinga’s request for a statement.
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Why It Matters: Three distinct series of NFTs have been unveiled by the company as of the present date, with the latest in the series leaning into the narrative of Trump’s “recent arrest,” even featuring his mugshot.
Earlier in December, the former president's ETH holdings witnessed an increase of $1 million over the past month. Back in October, the same crypto wallet reportedly contained 1,553 ETH, valued at over $2.7 million at the time.
Price Action: At the time of writing, ETH was trading at $2,417 up 9.03% in the last 24 hours, according to Benzinga Pro.
Photo via Shutterstock
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