Trump-Connected Crypto Wallet Transfers $2.4M Ether to Coinbase

• Ex-President's Wallet Transfers $2.4 Million Ether to Coinbase
• ETH Deposits from Trump NFT Royalties
• Proceeds Generated from NFT Collection
• Tracking Wallet Holdings
• Trump's Involvement in Crypto

Ex-President's Wallet Transfers $2.4 Million Ether to Coinbase

According to on-chain firm Arkham Intelligence, a wallet associated with the former U.S. President Donald Trump transferred over $2.4 million worth of ether (ETH) to the crypto exchange Coinbase in recent weeks. It's assumed that these holdings were sold.

ETH Deposits from Trump NFT Royalties

Arkham Intelligence reported that the wallet started sending ETH to Coinbase about three weeks ago, following several months of accruing royalties from Trump's non-fungible token (NFT) collection. The highest recorded balance in the wallet was $4 million. Based on these deposits, it has been calculated that the wallet's owner has sold 1,075 ETH for a total of $2.4 million.

Proceeds Generated from NFT Collection

The ether was generated from the official Trump NFT collection on the OpenSea marketplace. Usually, when holdings are sent to an exchange, it implies a sale for other tokens or U.S. dollars, even though it's not obligatory.

Tracking Wallet Holdings

Arkham tracks this particular wallet on its platform -- as of Thursday, it holds $2.2 million worth of various tokens. The firm linked the wallet to Trump in August, based on public financial disclosures that indicated the same amount of token holdings as those found in the wallet which received the largest royalties from the Trump NFT sale.

Trump's Involvement in Crypto

Despite his skepticism towards cryptocurrency during his presidency, Trump seems to have been a crypto user in recent years, possibly even profiting from the industry's price fluctuations. An April report disclosed that Trump profited anywhere between $500,000 and $1 million from his NFT collection sales. However, these earnings weren't derived from individual sales of the NFTs but were products of a licensing agreement between CIC Digital LLC and NFT INC LLC.

Edited by Jonathan Stoker