Golem Transfers $13.72 Million ETH to Coinbase and Binance Amid Ongoing Sale Concerns

IconCryptoNewsTerminal Staff15 Jul, 2024

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Golem Transfers $13.72 Million ETH to Coinbase and Binance Amid Ongoing Sale Concerns

Golem has sent approximately $13.72 million worth of Ether (ETH) to cryptocurrency exchanges Coinbase and Binance. The transfer, which occurred between 9:41 PM and 9:49 PM KST on the 15th, involved around 4,100 ETH, according to blockchain analytics firm ARKAM (ARKM). This transaction has raised concerns as it comes amidst allegations that Golem has been selling ETH raised in its 2016 initial coin offering (ICO) on the market once a day since July. Cryptocurrency on-chain analyst EmberCN previously highlighted this pattern based on on-chain data. Golem's ICO in 2016 raised approximately 820,000 ETH. The recent transfer to Coinbase and Binance has sparked speculation regarding the motivation behind the sale and the potential impact on the value of GLM, Golem's native token.

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