Ethereum Foundation transferred all of the TKO tokens it received to Bitcoin Suisse, a top cryptocurrency service provider.
According to Arkham data, the Ethereum Foundation sent 3.484 million TKO worth $9.16 million to Bitcoin Suisse's hot wallet.
This unexpected transfer, involving tokens worth millions of dollars, comes on the heels of Taiko's successful launch.
This transfer also comes a few weeks after the Ethereum Foundation acquired the token from Taiko Maint on June 28.
Ethereum co-founder Vitalik Buterin had previously praised the launch of Taiko and highlighted its potential impact on the Ethereum ecosystem. In a message on Taiko's first genesis blog, Buterin stated that Taiko is a promising project and emphasized the importance of various Layer 2 solutions for Ethereum's growth.
Taiko made a strong debut after its ICO on June 6, 2024 and is currently trading at $2.49. After this transaction by the Ethereum Foundation, the price started to decline.
*This is not investment advice.