👀👀Developers of Surprise Altcoin Sold a Large Amount of Ethereum! 👀👀

According to data from cryptocurrency analysis platform Ember, the developer of the Cosmos (ATOM) network, the Interchain Foundation, sold 4,000 ETH worth approximately $9.5 million yesterday.

This sale is part of the foundation’s total sale of 15,100 ETH (approximately $37.09 million) since the end of April this year.

The Interchain Foundation raised a total of 4,882.7 BTC and 246,891 ETH during its Initial Coin Offering (ICO) in April 2017. Over the past seven years, the foundation has sold 4,499 BTC and 223,305 ETH, generating approximately $132.2 million in revenue. Despite these significant sales, the foundation still has significant reserves of 383.8 BTC and 23,587 ETH. With these assets, the Interchain Foundation’s total assets are worth approximately $56.78 million.

Foundations usually conduct such sales to support the development of the relevant tokens, directing them to developers and specific projects.

At the time of writing, Cosmos is ranked 48th among the world’s largest cryptocurrencies, but it is trading at a price 89% lower than its all-time high reached in 2021.

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