Interchain Foundation, the developer behind the Cosmos (ATOM) network, sold 4,000 ETH worth approximately $9.5 million yesterday, according to data from cryptocurrency analytics platform Ember.
This sale is part of a larger liquidation drive by the foundation, which has sold a total of 15,100 ETH (approximately $37.09 million) since the end of April this year.
The Interchain Foundation initially 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. Despite these significant sales, the foundation still has significant reserves of 383.8 BTC and 23,587 ETH.
With these assets, the Interchain Foundation's total assets are worth approximately $56.78 million.
These sales are usually distributed by foundations to interested developers and certain projects to support the development of the tokens in question.
At the time of writing, Cosmos is ranked 48th among the world's largest cryptocurrencies, but it is trading 89% lower than its all-time high price record in 2021.
*This is not investment advice.