The blockchain platform and virtual currency Tezos (XTZ) has taken the decision to withdraw close to $10 million dollars from the reserves of its Initial Coin Offering (ICO) treasury. After taking 82,050 ETH during the week, November is the month with the largest sum of money withdrawal from the treasury.

According to the company Diar, during the last 29 days, 327,000 ETH has been taken from the treasury accounts. This is quite important since the virtual currency market has been in a downtrend since the beginning of the year. Moreover, Ethereum (ETH) has also lost almost 50% in November.

Several Initial Coin Offerings and crypto projects that were able to gather funds during the last bull market in the crypto space, saw themselves losing part of the funds they gathered. During the last months, Ethereum experienced a sell-off that could be related to projects selling their coins to avoid further losses.

Diar informs that the top 100 wallets have sold or transferred 24% of their holdings compared to the beginning of the year. Moreover, the total value of these wallets has fallen from $3 billion to just $350 million dollars.

Our live #Ethereum ICO Treasury Balances is back up.

A 82K $ETH withdrawal from @tezos now marks November as the largest drawdown period this year.

More here: https://t.co/nlVYQkHf6I pic.twitter.com/ySfUauntKZ

— Diar (@DiarNewsletter) November 29, 2018

The Tezos project informed that they want to formalize blockchain governance. But the intentions are not correlated with the project decisions. The company raised the funds for the project back in July 2017 but it was just able to release them during 2018.

At the same time, the requirements to claim the tokens bought by users required them to remember the seed phrase from the ICO, user password and their public key. After this, users had to complete the activation through a code received by users.

At the time of writing this article, Tezos is the 21st largest cryptocurrency in the market in terms of market capitalization. Each XTZ coin can be bought for almost $0.5 and it has a market cap of $300 billion.

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