The Interchain Foundation, the developer behind the Cosmos (ATOM) network, sold 4,000 ETH worth approximately $9.5 million yesterday, as part of a wider liquidation effort which began at the end of April this year.

Recent ETH Sales

According to data from the analytics platform Ember, the Interchain Foundation sold 4,000 ETH, equal to around $9.5 million. This sale forms part of a broader liquidation effort by the foundation, which has seen a total of 15,100 ETH sold, valued at approximately $37.09 million since late April.

Fundraising and Sales History

The Interchain Foundation initially raised 4,882.7 BTC and 246,891 ETH during its Initial Coin Offering (ICO) in April 2017. Over the past seven years, the foundation has sold 4,499 BTC and 223,305 ETH, generating an estimated $132.2 million. Despite these significant sales, the foundation still holds substantial reserves of 383.8 BTC and 23,587 ETH.

Current Assets and Planning

With these reserves, the Interchain Foundation's total assets are worth approximately $56.78 million. Such asset sales are typically extended to interested developers and projects to support the ongoing development of the relevant tokens. At the time of writing, Cosmos is ranked 48th among the world's top cryptocurrencies but is trading 89% below its all-time high in 2021.

The Interchain Foundation continues to manage and strategize its financial portfolio to ensure support to developers and projects advancing the Cosmos network and its tokens' evolution.