Ethereum community baffled by mysterious $4.5 million ether burn incident
2,500 ether to a burn address. This act effectively destroyed the coins for no specific reason.
The transfer took place on July 26 but only just gained widespread attention, leading to a surge in speculation and curiosity within the crypto community. The specifics of why or how this occurred are still scant. While many are perplexed by the fact that someone would destroy $4.5 million worth of ether seemingly without reason, others instead jokingly applauded the individual for effectively reducing Ethereum’s supply — aligning with the “Ethereum’s Ultrasound Money” narrative.
“If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here,”Regarding cryptocurrencies, “burning” refers to permanently removing tokens from circulation. This is typically achieved by sending them to a known, unspendable address. Though often done to reduce a token’s total supply, the motive in this instance remains a mystery.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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