South Korea Push for Major Cryptocurrency Adoption: ICON (ICX) Fundamentals Are Moving Forward 11447

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ICON raised just short of 75000 ETH

The tokensale contract split them into 30 wallets with 2500 ETH allocated to each, as seen here:

https://etherscan.io/address/0x7eca82d239c3b1513d6368e2ff21763e469f1298

They have moved (maybe sold) 23083,66 ETH, from the first four.
It means that they have moved 30.7% of their ICO funds.
The moves happened between the 13th of December ’16 and 16th of November ’18.
The majority of the moves were performed in December ’17 and June ’18

A closer look at each wallet reveals:

Wallet 1 (0x169b0c95cdfcea0a96a427ca5f2edc1423305470):
The funds in this wallet have been almost depleted, 54 ETH are left in it.
The first transaction was performed on the 13th of December ’17 and the last on the 23rd of January ’18. The ETH prices were respectively 700$ & 1000$, so by averaging it out at 850$ we have:
Wallet 1 funds: 2445 * 850$ = 2078250$

Wallet 2 (0x96344f63609035154ab935b9f8bff0c05a19d7fc):
There are 19.3 ETH left in the wallet. There were 2 “groups on transactions”, most in the span of 3 days and a much bigger standalone one.
First “group” transaction: 15th of December ’17 (ETH @ ~684$)
Last “group” transaction: 17th of December ’17(ETH @ ~716$)
Last big transaction: Sold 2.217,15 ETH for 1.738.711,20$ (according to Etherscan)
Wallet 2 funds = 1922811,20$

Wallet 3 (0x2037aeebd69ee63039fc8ddfb318428072c2e806):
130 ETH left.
There are only two transactions.
May 4th ’18: 2.168,28 ETH for 1.701.171,07$
June 1st ’18: 200 ETH for 115.802$
Wallet 3 funds = 1816937,07$

Wallet 4 (0x4a913dd8745bd751e636f9b9dec93bacc18ca78f):
There is only one transaction for 500 ETH in this one.
July 6th ’18: 500 ETH for 234,965$
Wallet 4 funds = 234965$

Wallet 22 (0x1f1e7cb9b3e72ab67b7d0c95dd74bb4bbf208ff9):
One transaction for 1.033,791 ETH
November 16th ’18: 1.033,791 ETH for 161.126,67$
Wallet 22 funds = 187167,86$

Wallet 23 (0x39af7d315a397e5f1cfdaaac884eab509ab7ad39):
Two major transactions on Nov 16th ’18(plus one more worth 20$) for 2500 ETH
Wallet 23 funds = 452605,02$

Wallet 24 (0xdadbacf1c58a11335eca9a2e010dcb12eef21c9e):
4 transactions between Oct 1st ’18 and Nov 16th ’18 for 2500 ETH
Wallet 24 funds = 547808,51$

Wallet 25 (0x911a99dd5b7810dd012c49929c2beab04f44a5dd):
1 transaction @ Sep 27th ’18, 2500ETH for 388.498,55$
Wallet 25 funds = 752722.87$

Wallet 26 (0xb6226989fb3895da87a1e2672a1c63224266667c):
6 transactions between Jul 11 ’18 and Sep 27 ’18 for 2345.8 ETH
Wallet 26 funds = 601534,41$

Wallet 27 (0xb494f5579b4158b3995288dc6637a3a405731ffc):
Essentially one transaction (one more for 3.96$)
Jun 30 ’18, 2500ETH for 1133545,65$
Wallet 27 funds = 1133549,61$

Wallet 28 (0x182dd89720aacfdbac767f561ee4591208235928):
Same as previous wallet, transaction-wise (A minor one for 3,70$)
Jun 30th ’18, 2500ETH for 1.133.545,92$
Wallet 28 funds = 1133549,62$

Wallet 29 (0x1552035b87e0673a5b3e704de432821de62ebd9d):
Same as before (Minor one for 3,84$)
Jun 30th ’18, 2500ETH for 1.133.545,78$
Wallet 29 funds = 1133549,62$

Wallet 30 (0xaea28f303aa93bb48b075a2ad9e4aa07b0c1248a):
One big transaction, 2 minor ones (worth 8.21$ in total)
Jun 30th ’18, 2500ETH for 1.133.540,96$
Wallet 30 funds = 1133549,17$

The total sum of these subtotals is:
13,128,999,96$

These are funds that ICON has moved from its wallets. It doesn’t mean that they sold at these prices or anything else, but it serves as a fair guesstimate.

This also means that after selling 23,083,66 ETH, they still have 51,916,34 ETH in reserve, which by today’s ultra-low prices are worth 5,000,000$.

After conducting this investigation, it is clear that ICON is nowhere near being insolvent and in no need to market sell their own tokens.

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