Golem Network Sells $114 Million in ETH, Raising Concerns

IconCryptoNewsTerminal Staff07 Jul, 2024

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Golem Network Sells $114 Million in ETH, Raising Concerns

Golem Network, a decentralized computing platform, has sold 36,000 ETH over the past 37 days, worth approximately $114 million. This revelation has raised concerns within the crypto community, as Golem had previously raised 820,000 ETH in its 2016 ICO. On-chain analyst Erhan Cenk shared a report highlighting this activity, revealing that Golem has been selling its ETH holdings via exchanges like Binance, Coinbase, and Bitfinex. The 820,000 ETH raised during the ICO was valued at $8.52 million at the time, and Golem currently holds 230,000 ETH, worth roughly $656 million. This sale of ETH has sparked speculation about Golem's financial stability and its commitment to its long-term goals. Some analysts have expressed concern that the network may be facing financial difficulties and that the sale of ETH could be a sign of desperation. However, Golem representatives have not yet publicly addressed these concerns. The network's actions will be closely watched in the coming weeks and months as the crypto community seeks clarity on its financial situation and future plans.

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