Ether Whale Burned 2,500 ETH; Ethereum Community Questions Motives

An individual operating under ENS name nd4.eth, sent 2,500 ETH, equivalent to $4.5 million, to a burn address. The act, which took place on July 26, has since drawn significant attention, leading to the Ethereum community questioning their motives.

Can anyone on here explain this tx to me https://t.co/tWLYs0CWyb

Looks like nd4.eth sent 2500eth to a dead address. Doesn’t look like a noob error either. Thoughts?

— degeneratewisdom (@degenwisdom69) August 6, 2023

Cryptocurrency insiders are familiar with the concept of “burning” — the practice of permanently removing tokens from circulation by sending them to an address from which they can’t be spent. Such actions are usually deliberate, meant to reduce the overall supply of a particular token. The intent behind this particular move, however, remains uncertain.

Laurence Day, the creator of the Wildcat Protocol, responded to the incident with humor, tweeting, “If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here.”

Another commenter further joked about how strange this transaction was, tweeting:

BREAKING – Ethereum Whale Sends 2500ETH To Burn Address After Finding Out His GF Cheated On Him pic.twitter.com/d2QJMRv0nv

— Au TistJeera (@autistjeera) August 7, 2023

Further details were uncovered by on-chain analysts at Lookonchain, highlighting that the individual in question is a significant holder of tokens from specific trading protocols. They currently hold 34,287 GMX tokens (worth about $1.84 million) and 311,003 Gains tokens (approximated at $1.43 million). This individual subsequently sent 1.5 ETH, 34.9 GMX, and 600 GNS, amounting to roughly $7,000, to the same burn address.

The guy who transferred 2,500 $ETH($4.58M) to a dead address on July 26th is a whale with 34,287 $GMX($1.84M) and 311,003 $GNS($1.43M).

He spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 $GMX ($1,989) and 600 $GNX ($2,733) to the dead address. pic.twitter.com/uB81V8Z9Iu

— Lookonchain (@lookonchain) August 7, 2023

With limited concrete information available, the Ethereum community remains captivated by this incident, as members continue their search for clarity on the underlying motives of nd4.eth and their different aliases.

first the weird ENS registrations then he burns $4.5M

what the fuck did he mean by this

can someone check on nd4.eth pic.twitter.com/2icbNOXLJK

— safu (@safuXBT) August 7, 2023