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A participant in the Ethereum initial coin offering (ICO) continues to sell thousands of Ether tokens after dumping $24 million in the cryptocurrency a few months ago.
An Ethereum ICO whale sold another 3,000 Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>) on Oct. 24, cashing out more than $7.6 million, according to a report by the blockchain analytics service Lookonchain.
The same address previously sold 7,000 ETH in July, triggering a subsequent 15% drop in ETH price, Lookonchain noted.
The transactions account for just about 4% of the whale’s total ETH received during the Ethereum ICO in 2015, or 254,908 ETH.
<figure><img alt="Transactions, ICO, Ether Price, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/0192be50-0e0f-7399-9bc5-d814e3cda48e" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/lookonchain/status/1849376476791177670" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/lookonchain/status/1849376476791177670">Lookonchain</a>
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<h2 id="ethereum-was-launched-through-an-ico-in-2014">Ethereum was launched through an ICO in 2014</h2>
Unlike Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>), which was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-birthday-15-years-satoshi-nakamoto-genesis-block-mine" rel="noopener noreferrer nofollow" target="null" text="null" title="null">launched without any ICO</a> in 2009, Ethereum — the second-largest cryptocurrency by market value — was rolled out through a token sale.
Ethereum co-founder <a data-ct-non-breakable="null" href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/vitalik-buterin" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Vitalik Buterin</a> reportedly announced the Ethereum ICO for the Ether token in early 2014 at a North American Bitcoin Conference in Miami.
<figure><img alt="Transactions, ICO, Ether Price, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/0192be4f-8177-7814-9761-e9daf1d1f73c" title="">
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 Vitalik Buterin announcing Ethereum at Bitcoin Miami 2014. Source: YouTube
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The Ethereum ICO <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/10-years-ethereum-ico-crypto-landscape" rel="noopener noreferrer nofollow" target="null" text="null" title="null">sold about 60 million ETH to investors</a>, raising approximately 31,000 Bitcoin, worth around $18 million at the time.
The ICO was selling ETH at the initial discounted price of 2,000 per BTC, or around $0.3, with the Ethereum Foundation <a data-ct-non-breakable="null" href="https://blog.ethereum.org/2014/07/22/launching-the-ether-sale" rel="noopener noreferrer nofollow" target="null" text="null" title="null">emphasizing</a> that the tokens were not securities.
The ICO spawned a number of Ethereum millionaires who have been holding large chunks of ETH through the years, with many cashing out amid the ETH price surge.
<h2 id="the-whale-still-has-37-000-eth-to-cash-out">The whale still has 37,000 ETH to cash out</h2>
Out of a total of 254,908 ETH received during the Ethereum ICO in 2014, the whale still holds 37,070 ETH, worth roughly $94 million, according to Lookonchain.
Unlike the previous 7,000 ETH sale in July, the latest 3,000 ETH sale has not triggered a major decline in the ETH price.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/buterin-proposes-solutions-ethereums-centralization-woes" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Buterin pitches solutions to Ethereum’s staking, block production issues</a>
According to data from CoinGecko, Ether <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/ethereum" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coingecko.com/en/coins/ethereum">dropped</a> around 2.4% over the past 24 hours at the time of writing, trading at $2,521.
<figure><img alt="Transactions, ICO, Ether Price, Whale" src="https://s3.cointelegraph.com/uploads/2024-10/0192be4e-c6a0-75e3-aef4-f5753c06f2b0" title="">
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 Ether (ETH) all-time price chart. Source: CoinGecko
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While slightly down over the past 30 days, Ether is still up 38% over the past year, according to CoinGecko data.
 Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/rabby-scammer-konpyl-crypto-ceo-mountain-victims/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims</a>

Ethereum ICO participant dumps 3,000 ETH for $7.6M cash out

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