- An anonymous crypto investor, known by the ENS name nd4.eth, has been systematically burning his crypto assets, including 2,500 ETH
worth $4.6 million in a single transaction.
- The investor has also destroyed GMX and GNS tokens worth $3.3 million, and several valuable NFTs, bringing the total value of destroyed assets to over $8 million.
- The reason behind this unusual activity remains a mystery, as the investor has not provided any explanation for his actions.
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In a surprising turn of events, an anonymous crypto investor has been systematically destroying his crypto assets, totaling over $8 million. The investor, known only by his ENS name nd4.eth, has not provided any explanation for his actions.
High-value NFTs among the burned assets
Among the assets sent to the burn address were several high-value NFTs, including two pieces from the Bored Ape Yacht Club collection, three from the Mutant Ape Yacht Club collection, and one from the Crypto Punk collection. The total value of these NFTs exceeds $200,000.
Unexplained actions continue
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Despite the significant value of the assets being destroyed, the investor has not provided any explanation for his actions. This has led to widespread speculation and intrigue within the crypto community, with many questioning the investor’s motives.
How burning works in Ethereum
In Ethereum, tokens that are intended to be removed from circulation are sent to addresses that start with “0xdead…”. These addresses are inaccessible, meaning that once a token is sent there, it cannot be retrieved. To date, over $4 billion worth of assets have been sent to these addresses, and the number continues to grow.
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The actions of nd4.eth have certainly caught the attention of the crypto community. While the reasons behind his actions remain a mystery, his activities serve as a stark reminder of the volatility and unpredictability of the crypto market.
After a day of silence, nd4.eth burned another $3.59M worth of tokens today – most of which he has held for months.
Since January this year, nd4.eth bought $1.8M of GNS and >$1M of GMX from Uniswap.
He decided to burn it all in the past 2 hours – still with no explanation. pic.twitter.com/SAh3GBbYxA
— Arkham (@ArkhamIntel) August 10, 2023