According to on-chain data, a crypto wallet associated with the former U.S. president has transferred millions of dollars worth of Ethereum to Coinbase.
An Ethereum wallet, which has been accumulating royalties from Donald Trump‘s NFT collection for months, has started moving the funds to the centralized crypto exchange. According to Arkham Intelligence, the wallet has transferred 1,075 ETH (around $2.4 million at the time of the transaction) to Coinbase.
While the purpose behind transferring the funds to Coinbase remains unclear, data suggests that the Trump-associated wallet still holds multiple cryptocurrencies valued at over $2.2 million.
According to the wallet’s data, the majority of the funds are allocated in ETH (approximately $1.4 million), followed by WETH (almost $650,000) and the TRUMP token (around $177,000). The wallet, at its peak, held approximately $4 million worth of a diverse range of cryptocurrencies, as indicated by the data.
This transfer coincides with the unveiling of a new NFT collection titled the “Mugshot Edition,” a nod to the recent legal challenges faced by the Republican politician.
As reported by crypto.news, in mid-December, Trump took to his social network Truth Social to announce the release of new non-fungible tokens featuring an infamous mug shot captured after the former President’s booking in an Atlanta-area jail last August on charges related to the alleged conspiracy to overturn Georgia’s election results.