Anonymous Ethereum Transactions Gaining Traction
2 min readAn unknown user transferred 100,000 Ethereum worth over $180 million to an anonymous wallet. With Ethereum’s value continuing to skyrocket, these kinds of transactions are concerning.
In what might be the largest transaction made in ethereum to date, a transfer of exactly $176,498,000.00 was executed 9 hours ago. The fee paid for this transaction, a hefty $5.93. There has been an uptick in high-volume transactions lately. In February, another anonymous user transferred $122 million worth of XRP (ripple) from their Coinbase account to an unspecified wallet.
Both XRP and Ether are highly sought-after cryptocurrencies, with high-volume tradings being executed daily. As of today, Ether holds its #2 position on the crypto rankings, currently worth $1,780 per coin. XRP looks solid at #7, with a value of $0.4476 per coin.
Unknown Wallet Recipients on the Rise
Moving large amounts of holdings to unknown wallets is becoming the norm. While crypto-trading is anonymous, a valid ID is still needed by most trading platforms (such as Coinbase and Kraken) to own a digital wallet.
In fact, you can’t even register for an account without disclosing personal information and getting it cleared. After the process is complete, your account is active for trading, holding, purchasing, or selling.
High Value of Ethereum to Blame
With ethereum’s value booming, anonymous transactions like these are likely to become a point of contention. More countries are opening up talks for crypto regulation. This is exactly the kind of obstacle regulators and legislators are likely to point out. And it won’t look good.
Ethereum’s circulating supply is far from modest. With 115,020,959 ETH in total circulation, 68.6% of its total supply is held in large accounts. Most of these are holding over 10,000 in Ether, according to Santiment, a behavior analytics platform.
As #Ethereum rebounded above $1,685 today for the first time in 10 days, whales (owning 10k+ $ETH) now own 68.6% of the total supply. This is the highest % owned by whales since Nov, 2017. 10-10k addresses meanwhile, own the lowest % since Sep, 2017. https://t.co/Tjdyk43Hgl pic.twitter.com/A8X9pADOGm
— Santiment (@santimentfeed) March 7, 2021
As Blockchain and NFTs
Ethereum’s blockchain network gained early notoriety because of how easy it is to create and run smart contracts on its platform. The network is well known for its decentralized applications (also known as Dapps.) The Dapps actually integrate ethereum tokens to pay the network fees that the platform itself provides.
The tokens aren’t limited to holding monetary value. They can be tied to a wide range of assets, practically anything that the developer chooses. These assets could include things like title deeds, securities, gold, digital artwork, and much more. Additionally, Devs have become highly creative in tokenizing assets and building value, sometimes even wealth. What’s more, tokens are easily exchanged or transferred via p2p.
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