June 24, 2024
Trump's Ethereum Holdings on the Move: $2.4M Transferred to Coinbase
Altcoins News

Trump’s Ethereum Holdings on the Move: $2.4M Transferred to Coinbase

In a recent revelation by Arkham Intelligence on December 27, an Ethereum wallet believed to belong to former U.S. President Donald Trump has reportedly transferred millions in cryptocurrency earned from non-fungible token (NFT) sales. According to Arkham’s findings, Trump’s wallet initiated a series of transactions, moving 1,075 ETH (Ethereum) valued at $2.4 million to the popular crypto exchange Coinbase over the past three weeks.

At its peak, Trump’s wallet reportedly held $4 million, but recent transactions indicate a decrease in holdings. As per live data from Arkham, Trump currently holds $1.39 million in ETH, $644,000 in MATIC, and smaller amounts of various other cryptocurrency tokens, summing up to a total of $2.22 million.

Arkham Intelligence suggested that Trump might be selling the recently transferred holdings, although the attached transaction log only reveals deposits to Coinbase. The log does not explicitly confirm whether Trump has sold or converted the funds into another asset.

The crypto wallet in question has been linked to Trump based on Arkham Intelligence’s previous findings, asserting in August that the wallet belonged to the former president, relying on information from a financial statement released that month.

Forbes India also reported on Trump’s financial disclosure, noting that the wallet’s balance appears to stem, at least in part, from sales of Trump-themed NFTs. These NFTs are facilitated through a company named NFT International LLC, which claims not to operate under Trump. Despite this, Trump has actively promoted the NFTs and hosted events for buyers, suggesting his direct involvement. The former president is believed to have received royalties and revenue from these NFT sales.

NFT International LLC has released three series of NFTs, with the latest featuring Trump’s mugshot photo, attempting to capitalize on his recent arrest. Noteworthy purchases include a physical card with pieces of Trump’s suit, adding a unique and tangible element to the digital collectables.

The evolving intersection of cryptocurrency, NFTs, and political figures like Trump underscores the dynamic nature of the crypto landscape, where digital assets and traditional finance continue to converge in unexpected ways.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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