1inch buys $10M Ethereum after major fund withdrawal from crypto investment fund

2023-8-28 17:00

DEX aggregator 1inch withdrew over $40 million worth of cryptocurrencies from its investment fund and purchased $10 million worth of Ethereum during the early hours of Aug. 28 at an average price of $1650, according to Etherscan data.

A breakdown of the withdrawals showed that the DeFi platform withdrew 41.8 million worth of Tether’s USDT, 396,000 in Uniswap’s UNI token, 3,120 Ethereum (ETH), and 75,000 in USDC. Additionally, 1inch swapped $10.075 million USDT and USDC to buy 6,088 ETH.

The reasons behind the transactions remain unclear as of press time. 1inch was yet to respond to CryptoSlate’s request for comment as of press time.

Onchain sleuth Lookonchain highlighted a smart money move executed by the 1inch earlier this year. Per Lookonchain, 1inch generated nearly $4 million in profits in July by selling 11,000 ETH for $21 million.

This transaction followed 1inch’s accumulation of approximately 17,000 ETH, valued at $26.8 million, throughout the year’s first quarter. The acquisition was made at an average price of $1,569, and the subsequent sale occurred at an average price of $1,906.

At the time, 1inch co-founder Sergej Kunz reportedly explained that the transaction was to test a new feature on the protocol Fusion Mode. Fusion mode allows users to place custom swap orders without paying gas fees.

The protocol claimed that the upgrade would help users avoid sandwich attacks, which have become prevalent with MEV attacks.

$15k worth of tokens to be unlocked

The Token Unlocks dashboard shows that 64,290 1Inch tokens, worth $15,000, will be unlocked by Aug. 31. These tokens account for 0.01% of the asset’s total circulating supply.

Per CryptoSlate’s data, the 1inch token has seen its value drop by 1% in the last 24 hours to $0.2407. The asset is down 22% in the previous 30 days.

Amid these developments, 1inch recently deployed on the Coinbase-backed Base layer-2 network. The expansion would help the DEX users access a layer-2 solution with lower transaction fees, higher speeds, and extra liquidity.

The post 1inch buys $10M Ethereum after major fund withdrawal from crypto investment fund appeared first on CryptoSlate.

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