Ethereum

HEX Owner Cashes Out $7 Million Ethereum Pile for Profit Rally

  • The bulk of the remaining Ethereum used to buy HEX has been emptied from the original address.
  • Creator Richard Heart refuses to acknowledge any involvement with the ETH in question.
  • Surprisingly, the ETH now sits in 36 different addresses and has not been sold.

Nearly $ 7 million worth of Ethereum has been emptied out of the HEX purchase address in the past few days.

$ 7 Million Worth of Ethereum on the Move

A series of 36 transactions, each containing 1,337 ETH, depleted the bulk of the remaining Ethereum which had been sent to the HEX purchase address.

Ethereum, HEX, Richard HeartEthereum, HEX, Richard Heart
Nearly $ 7 million worth of Ethereum was moved to 36 different addresses | Source: Etherscan

With Ethereum now trading around the $ 145 mark, that makes the 48,132 ETH worth just under $ 7 million. Less than a month ago the same coins would have been worth around $ 5.5 million.

Yet Ethereum holders don’t have to worry about a sudden cash-out negatively affecting the price of their coin. Not yet anyway.

Right now, each of those 36 transactions is sitting quietly in 36 different Ethereum addresses – each worth $ 192,995 each at the time of writing.

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Unless the owner of these coins faces urgent legal pressure in the near future, there’s a chance they’ll remain in cold storage until ETH hits its next short-term peak.

The HEX Smart Contract

HEX creator Richard Heart set up a smart-contract which would spit out HEX tokens to anyone who sent Ethereum to it. In leaning on automated smart contracts in such a way, Heart can stand back and maintain that he has nothing to do with the sale of HEX.

When questioned, Heart has neither confirmed nor denied that he controls the HEX Ethereum address, or even that he knows who does. The reason being he knows doing so would provide a legal opening for financial authorities.

Heart will apparently own more than 50% of the HEX token supply due to the way the protocol was designed. But with HEX trading at around 1 satoshi, or $ 0.000082, 50% of nothing isn’t much.

That leaves the Ethereum pile as the main pay-day for anyone who hoped to profit from HEX’s creation.

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Last modified: July 31, 2020 7:50 PM UTC

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