80% premined Ethereum’s Genesis Block (Specifically, the block that allocated to the founders 12 million free coins) is cashing out as the price of Ethereum tanks into oblivion.
It’s always nice to be at the top of a pyramid. The bottom ‘Hodlers’ will get REKT.
Ethereum was 72,000,000 coin premined.
12 million blatantly went into a founder’s wallet – the other 60 were allegedly sold in an ICO – however it is impossible to prove exactly who owned the most of it. I followed the Ethereum ICO – it had many abnormalities; for instance, the ICO ran for many months, but the majority of the coins were ‘sold’ within the span of a few days in ‘spikes’. Indicating a single large purchaser or group buy.
I’ve always suspected JP Morgan bought alot of these coins and helped pump them up through advertising fraud, only to dump them at the peak. That’s why the so-called ‘Ethereum Enterprise Alliance’ was formed.
It’s incredible that the SEC decided to go after all these ‘other’ ICO’s, yet they declared they’d leave Ethereum alone, even though they did exactly what all the others did; The Ethereum people are literally the ones who started the whole ‘ICO’ ponzi phenomena. I guess it’s good to have buddies at the top… the bankers always win.