EOS has become infamous for its seemingly endless crowdsale, raising hundreds of thousands of Ether worth about $4 billion dollars over the course of a year. The endless crowdsale is now coming to an end with the launch of the EOS mainnet, due for 2 June.
The ERC20 (Ethereum network) EOS tokens will cease being issued on June 1st at 10:59 pm UTC. About 24 hours later, the mainnet is set to go live.
EOS is marking the occasion by selling off massive amounts of Ether, TrustNodes reports, and over the last few days hundreds of millions of dollars worth of ETH has been moving from the crowdsale through intermediary wallets and onto Bitfinex. Notably, it seems to be selling on the open market rather than over the counter, as would almost always be done to avoid price slippage on sales of this magnitude.
This was partially seen last week when EOS sold 200,000ETH in a hurry, at once point dropping prices into the $400 range on Bitfinex. Like many other coins, EOS markets itself as Ethereum’s biggest competitor, so the sale is almost certainly a deliberate attempt to hit Ethereum prices on the way out the door.
The interesting part is that it looks like EOS is willing to take enormous losses, almost certainly in the millions of dollars range, to do so. It might be an extremely expensive but also quite sensible move on EOS’ part. Read more from finder.com.au…
thumbnail courtesy of finder.com.au