According to Lookonchain and Onchain Lens, the address “0x60D…E932” transferred a total of 1,500 ETH to Kraken in two separate transactions early Wednesday morning. At today’s prices, the transferred ETH is worth roughly $6 million, ending the wallet’s long dormancy.

Participation in the Ethereum ICO and Early Purchase

The investor initially acquired 20,000 ETH for $6,200 during the 2014 Ethereum ICO, paying an average price of $0.31 per ETH. The ICO sold over 60 million ETH, raising approximately $18.3 million in total.

Early investor movements in the crypto space attract significant attention. Wallets that remain inactive for years and then make transactions provide key insights into investor psychology and market trends, particularly for major projects like Ethereum.

ICO Whales Reemerge in the Market

As Ethereum approaches new yearly highs, ICO participants are becoming active again. In August, another Ethereum ICO investor moved roughly $19 million in ETH to Kraken, later selling an additional 1,060 ETH. During the same period, a different ICO address transferred 2,300 ETH to Kraken.

Last month, a single ICO participant moved a total of 150,000 ETH to a staking address across three wallets. Such movements impact Ethereum market liquidity and demand, providing crucial indicators for price forecasts and investor behavior.

Key Highlights

• Early Ethereum investor acts after 8 years of inactivity.

• 1,500 ETH moved to Kraken, worth approximately $6 million.

• Originally bought 20,000 ETH during 2014 ICO; investment grew significantly.

• Other ICO whales also executed ETH transfers in August and September.

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Where Did the Pump.fun Rumor Come From?

Over the weekend, a user on platform X, going by the handle “camol,” alleged that the $PUMP token smart contract lacks a withdrawal function. According to the post, this supposedly meant that the raised funds were inaccessible forever because the contract is immutable.

“This effectively means the $500 million is locked forever,” the user stated, drawing over 780,000 views. In follow-up posts, they insisted on the claim, citing obscure technical jargon like “JSON SQL SUGARTOWN ORA CORES SECURITY” to support their argument.

Hacken Responds: The Funds Are Not Locked

Crypto security firm Hacken provided a detailed technical response to clarify the situation. According to their analysis, there are actually two separate Pump.fun token PUMP deployed on the Solana blockchain—one of which is a test or fake token with negligible activity, and another which is the official token linked to the real presale.

Hacken confirmed that the official token has over 10,000 holders and matches the public tokenomics disclosed by Pump.fun. While it’s true that the smart contract does not include a “withdraw” function, this is completely normal for both Solana SPL and Ethereum ERC-20 token standards. These contracts are not built to hold funds like vaults—they simply manage balances and transfers.

“Since there was no DEX listing at launch, the lack of a ‘withdraw’ function is irrelevant,” Hacken stated, dismissing the fears as technically inaccurate. They further verified that the on-chain token distribution aligns with public data—15% of tokens sold during the ICO, and the remaining 85% held in developer-linked wallets, reflecting a transparent allocation process.

The ICO Sold Out in Just 12 Minutes

Pump.fun’s initial coin offering (ICO), held last Saturday, was an overwhelming success—selling out in just 12 minutes and raising a total of $500 million.

According to the official tokenomics:

• 33% of the total supply was allocated for the ICO

• 24% is reserved for the ecosystem and future development

• 13% was allocated to existing investors

Of the ICO allocation, 18% was sold to institutional investors, while 15% went to retail participants.

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At 9:00 a.m. ET, Plasma launched its raise through the ICO platform Sonar, allowing users to deposit stablecoins in exchange for the right to purchase its native token, XPL. By 9:48 a.m., the raise was complete, far surpassing the initial goal of $50 million, which represented 10% of XPL’s total supply. More than 1,100 wallets participated, each averaging around $35,000 in deposits.

First ICO on Sonar Ends in Massive Success

This fundraising event marks the first official project launch on Sonar, a new ICO platform built by Echo, the angel investment initiative created by crypto investor Cobie. Plasma’s launch through Sonar has set a high bar, showing that interest in stablecoin-based ecosystems is at an all-time high.

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According to data from Arkham, the Plasma vault now holds $345 million in USDC, $146.1 million in USDT, $7.5 million in USDS, and $1.21 million in DAI.

Tether Transaction Fees? Plasma Aims for Zero

Plasma is building an EVM-compatible sidechain designed to eliminate transaction fees for Tether’s USDT. This vision has already caught investor attention: in October 2024, Bitfinex led a $3.5 million funding round, followed by a $20 million Series A raise in February 2025.

The broader surge in stablecoin interest among institutions and venture funds played a clear role in the rapid raise. With USDT currently making up 64% of all stablecoin supply, projects like Plasma are positioning themselves at the heart of future infrastructure.

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As reports surfaced that TRUMP token investors have lost a total of $2 billion, Peirce emphasized that most memecoins are not subject to SEC regulation.

TRUMP Token Investors Lose Over $2 Billion

On the same day as Peirce’s statement, The New York Times published a report highlighting the massive losses incurred by TRUMP token investors.

According to data from blockchain analytics firm Chainalysis, at least 813,000 wallets suffered a total loss of $2 billion after purchasing TRUMP tokens.

Launched on January 17, TRUMP token surged to $72.60 on January 19 before plummeting 80%. CoinGecko data shows that the token’s market capitalization dropped from $14.5 billion to $3 billion.

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However, during this period, the Trump Organization and its partners reportedly earned over $100 million in trading fees.

Memecoins Should Be Viewed as “Digital Collectibles”

Memecoins are generally inspired by internet jokes, pop culture references, and celebrity figures. Unlike Bitcoin (BTC) or Ethereum (ETH), which are associated with technological advancements, memecoins primarily rely on community support and celebrity endorsements.

Peirce asserted that the SEC is not the appropriate regulatory body for memecoins, suggesting that the matter should be handled by Congress or the Commodity Futures Trading Commission (CFTC).

ETF Store President Nate Geraci supported Peirce’s perspective, stating that memecoins are more akin to digital collectibles.

Meanwhile, macroeconomist Lyn Alden compared the memecoin frenzy to past trends such as Initial Coin Offerings (ICO) and Non-Fungible Tokens (NFTs), emphasizing that these assets often experience speculative surges and crashes.

“Having observed the crypto space since 2017, I see the same cycles repeating,” Alden stated.

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According to the documents, Altman’s ICO proposal aimed for OpenAI to sell its own cryptocurrency. Musk sharply criticized this idea, stating it would “result in a massive loss of credibility for OpenAI and everyone associated with the ICO.”

The ICO proposal emerged just months after discussions about transitioning OpenAI from a nonprofit to a for-profit organization. In September 2017, Altman and OpenAI President Greg Brockman presented the idea to Musk, who firmly opposed it. Musk suggested that the company either remain nonprofit or allow team members to pursue independent projects.

Musk issued a clear ultimatum to Altman and Brockman: “If you cannot make a firm commitment to maintaining OpenAI’s nonprofit status, I will cease funding. Otherwise, I am just a fool providing free funding to a startup.”

Musk’s Legal Battle

Elon Musk reignited his legal battle against OpenAI in August 2024, alleging that the organization violated its promise to remain nonprofit. Musk also accused Altman and Brockman of devising a strategy to quickly monetize OpenAI by transitioning it into a for-profit model.

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On the same day, another lawsuit involving Musk was withdrawn. The 2022 class-action suit accused Musk of manipulating Dogecoin prices through public appearances and social media. Plaintiffs dropped the case, clearing Musk and Tesla of liability.

Musk’s actions highlight disagreements among OpenAI’s leadership and his commitment to the company’s original vision. This case underscores Musk’s focus on long-term reputation and sustainability over short-term financial gains.

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Originally suing the now-defunct Sprague Blockchain Hardware Company in September 2021, the SEC had According to the lawsuit, Rivetz had generated $18 million from around 7,200 investors—including a third based in the United States—by selling unregistered RvT tokens. The court disapproved even though Sprague, representing himself, contended the tokens were software products rather than securities.

Judge Mark Mastroianni found the Rivetz tokens fit as securities under the Howey test, which determines whether a transaction qualifies as an investment contract. The judge noted that Rivetz’s comments to investors clearly showed how closely the value of the token was related to the company’s attempts—yet ineffective—to create a mobile security ecosystem.

The court stressed that the coins had no inherent value at the time of the ICO since Rivetz’s future success defined their worth just by itself. This made the tokens speculative investments, fulfilling the Howey test criteria that state an investment contract occurs when profits are expected from the labor of others.

This action corresponds with the SEC’s triumph in another ICO litigation against Opporty International and producer Sergii Grybniak. The consistent victories of the SEC attest to its ongoing efforts to regulate and enforce securities rules in the domain of cryptocurrencies.

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We have developed the Coin Engineer Mobile APP, which we believe will facilitate your market tracking, enabling easy news and market monitoring, while offering the potential for significant profits, making it one of the leading cryptocurrency applications.

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What is Coin Engineer Mobile APP?

The Coin Engineer team has developed Coin Engineer Mobile APP, featuring a user-friendly interface that allows you to instantly track the market, additionally easily follow the news, stay informed about special events, effortlessly monitor airdrops, and read self-improvement articles.

How Do I Get The Coin Engineer Mobile APP?

You can download the Coin Engineer mobile application for your IOS devices from the App Store, also for your Android devices from the Play Store, and start using it.

How is Coin Engineer Mobile APP Used?

After downloading the Mobile App to your phones through the appropriate market, you log into the application. At this stage, some registration methods are presented to you. You can register by entering your Google account, Apple account, or Mail information. Once the registration process is complete, the global market is at your fingertips.

Mobile APP User Guide

• Homepage: This is the page that welcomes you when you log into the application. In this area, you can follow the live news flow. You can easily access live market data, The Fear and Greed Index, Long-Short rates, and upcoming events are waiting for you on the homepage of the Mobile App. From the Ask the Engineer tab, you can ask us all your questions, with the Education tab, you can reach our free education series.
• News: You can follow live news flow and Coin analyzes on the news tab. You can easily follow the latest Airdrop News and announcements from this tab.
• Markets: This tab, where you can accurately track the instant values of cryptocurrencies, also offers you the opportunity to easily follow the market with a feature that allows you to classify assets as Favorites, Trends, Rising, Falling.
• Portfolio: In this customizable area, you can save your portfolio and easily do portfolio analysis and tracking.
• Menu: With this tab, you can get information about current IDO,IEO and ICO and instant ROI’s. In the About Us section, you can find many details about us, and from the Contact tab, you can easily access all our social media accounts.

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Once the hard cap or maximum investment level is reached during the ICO, the tokens are considered sold for that round. This means that developers don’t accept any more funds from investors in exchange for project tokens because they have achieved their goal.

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The company team analyzes their needs and determines the appropriate hard cap target. They consider factors like the scarcity and considered value of the token when deciding on this parameter. Some sources use the term hard cap to refer to the maximum supply of a specific token or coin, although not everyone agrees with this usage. In this context, it represents the limit set by the cryptocurrency’s protocol on the total number of tokens or coins that can exist in the blockchain network. However, it’s better to use the term maximum supply for such cases.

What Is a Soft Cap?

Soft cap is the minimum amount of funds that a project needs to raise in order to start its development. As the team demonstrates the viability of their project and gains confidence in it, they can ask for more funds and sell more tokens.

This continues until they reach the hard cap level.

The hard cap is set at a much higher level than the soft cap because it represents the fundraising target, not the minimum requirement. On the other hand, if the soft cap limit isn’t surpassed, the funds are returned to all purchasers and the project doesn’t begin.

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