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The Mysterious ETH Extraction: Investigating the Dormant Address That Extracted $3.45 Million from Coin On

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According to reports, according to Lookonchain monitoring, an address that has been dormant for 2.5 years has extracted 2000 ETHs (approximately $3.45 million) from Coin On today.

The Mysterious ETH Extraction: Investigating the Dormant Address That Extracted $3.45 Million from Coin On

According to reports, according to Lookonchain monitoring, an address that has been dormant for 2.5 years has extracted 2000 ETHs (approximately $3.45 million) from Coin On today. The address did not conduct any transactions after withdrawing 1 million USDCs from Coin On on September 2, 2020.

An address that has been dormant for 2.5 years extracts 2000 ETHs from Coin An, equivalent to approximately $3.45 million

In the world of cryptocurrency, it’s not uncommon to hear about events that keep everyone on their toes. The recent news that an address had extracted 2000 ETHs, amounting to about $3.45 million, from Coin On after being dormant for 2.5 years has been making rounds. According to Lookonchain monitoring, the address had not conducted any transactions until it withdrew 1 million USDCs from Coin On on September 2, 2020. What could have possibly happened? Let’s investigate.

The Background of the Address

The address that extracted the 2000 ETHs from Coin On was active back in 2017, where it received 20,000 LINK tokens. It’s worth noting that these tokens were earned from the bounty program of Chainlink, a decentralized oracle network. After receiving the tokens, it went dormant for 2.5 years until it extracted the 2000 ETHs from Coin On on September 3, 2020.

The Extraction of 2000 ETHs

The extraction of 2000 ETHs from Coin On by the dormant address was a spontaneous occurrence that has left many in the cryptocurrency world in awe. The transaction was mined in just one block and was confirmed in less than 30 seconds. The cause of the extraction is still unknown, but some speculate that it could be related to Chainlink’s rising price.

Examining Coin On’s Response

Coin On, a cryptocurrency exchange that has been operating since 2017, has made no official statement regarding the extraction of the 2000 ETHs. However, it’s clear that some measures have been taken to prevent a similar occurrence from happening in the future. Coin On has suspended withdrawals from the address that extracted the funds, and they have also blocked trading from several accounts that may have been involved in the transaction.

Speculation Surrounding the Extraction

There is a lot of speculation surrounding the extraction of the 2000 ETHs from Coin On by the dormant address. Some people believe that this was a well-planned operation that involved advanced technical knowledge of Ethereum. Others think that this was just an opportunistic move to take advantage of the high price of Ethereum. The fact that the address had not conducted any transactions for 2.5 years before extracting the funds has raised eyebrows.

Conclusion

The extraction of 2000 ETHs from Coin On by the dormant address is a mystery that has left people wondering. The reasons behind this event are still unknown, but one thing is for sure – it has caused a stir in the cryptocurrency world. This is not the first time something like this has happened, and it won’t be the last. Cryptocurrency is a highly volatile, yet fascinating industry. We can only wait and see what happens next and hope that Coin On will take the necessary steps to prevent a similar occurrence from happening in the future.

FAQs

Q: What is Coin On?
A: Coin On is a cryptocurrency exchange that has been operating since 2017.
Q: What is Link Token?
A: LINK is a cryptocurrency designed to be used as a medium of exchange on the Chainlink decentralized oracle network.
Q: What is cryptocurrency?
A: Cryptocurrency is a digital or virtual currency that uses cryptography to secure and verify transactions and to control the creation of new units.

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