December 29, 2023

Former President Trump's Ethereum Wallet Transfers $2.4M in Crypto to Coinbase

Reports from Arkham reveal that an Ethereum wallet associated with former U.S. President Donald Trump has moved millions in cryptocurrency, believed to be proceeds from the sale of his NFT series, to the Coinbase exchange.

Recent findings from Arkham Intelligence indicate that a notable Ethereum wallet, linked to former U.S. President Donald Trump, has transferred millions in crypto earnings from non-fungible token (NFT) sales. This move, involving the transfer of 1,075 ETH valued at $2.4 million, began three weeks ago and was directed towards the Coinbase exchange. Notably, Trump's wallet had previously reached a peak balance of $4 million.

Live data from Arkham reveals that Trump's current holdings include $1.39 million in ETH, $644,000 in MATIC, and smaller amounts in various other cryptocurrency tokens, totaling $2.22 million. Importantly, Arkham's data suggests that the wallet had not initiated any transfers to exchanges prior to December.

While Arkham speculates that Trump may be liquidating the recently moved holdings, the transaction log only indicates deposits to Coinbase and does not explicitly confirm the sale or conversion of funds into another asset.

Arkham Intelligence had previously asserted in August that the wallet in question belonged to Trump, based on information from a financial statement released that month. Forbes India had independently reported on Trump's financial disclosure, revealing that the wallet's balance appears to be linked, at least in part, to proceeds from Trump's NFT sales.

The NFTs in question are marketed through NFT International LLC, a company that denies operating under Trump's name. Despite this, Trump has actively promoted the NFTs and hosted events for buyers, potentially earning royalties and revenue from the sales. The company has released three series of NFTs, with the latest series capitalizing on Trump's recent arrest by featuring his mugshot photo, and high-quantity purchases including a physical card with pieces of Trump's suit.

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