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According to data from crypto analytics platform Ember, the Interchain Foundation, the developers behind Cosmos (ATOM), sold approximately $9.5 million worth of 4,000 ETH yesterday. This sale is part of a larger liquidation effort, with the foundation having sold a total of 15,100 ETH (around $37.09 million) since the end of April this year.
Interchain Foundation’s Liquidation History
The Interchain Foundation originally raised 4,882.7 BTC and 246,891 ETH during its Initial Coin Offering (ICO) in April 2017. Over the past seven years, the foundation has sold 4,499 BTC and 223,305 ETH, generating an estimated $132.2 million in revenue. Despite these significant sales, the foundation still holds 383.8 BTC and 23,587 ETH in reserves.
As of now, the foundation’s total assets are valued at approximately $56.78 million. These sales are often used by foundations to support the development of related tokens and projects.
Cosmos’ Current Market Position
At the time of writing, Cosmos ranks as the 48th largest cryptocurrency globally. However, it is trading 89% below its all-time high reached in 2021, indicating a significant decline from its peak.
The ongoing liquidation by the Interchain Foundation has raised questions about its future plans and how these funds will be utilized to support the Cosmos ecosystem.
