$2.4M in cryptocurrency is moved from Trump's Ethereum wallet to Coinbase

Donald Trump, the former president of the United States, looks to be cashing in on the substantial amount of Ether (ETH) he acquired from the sale of his NFTs. Since December 8, 1,075 Ether (ETH) have been sent into Coinbase through his associated wallet.

Trump created the Ethereum network through his NFT holdings, which most recently included his notorious photograph, which was taken in August when he turned himself in to police in Georgia.

On December 8, Trump-affiliated wallet has sent 1,075 ETH, or around $2.4 million, to Coinbase over the course of 13 transactions, according to the blockchain intelligence platform Arkham. The majority of withdrawals were made in 100, 125, and 200 ETH amounts.

Then in October, Trump's ETH balance has been rising gradually; until to the selling frenzy, it had peaked at $4 million. When Trump defended the US currency as essential to the nation's economic prosperity in August 2021, he referred to cryptocurrencies as "fake" and "a disaster waiting to happen."

He is a candidate for president once more in the 2024 election, but the Colorado Supreme Court recently struck a blow to his campaign when it pulled him from the state's ballot.

Cash Probably related to NFT sales

Based on the research done by Arkham Intelligence, it is thought that Trump owns the cryptocurrency wallet in issue. Based on details from a bank statement that was made public that month, Arkham claimed in August that the pocketbook belonged to Trump.

Regarding Trump's financial declaration at the time, Forbes India published a separate article. The amount in the wallet seems to have come from Trump's NFT sales at least somewhat.

Through a company named NFT International LLC, the Trump-themed NFTs are sold. The business asserts that Trump is not in charge of it. Nonetheless, Trump has taken a leading role in marketing the NFTs and has thrown a number of events for collectors. As previously said, it appears that he has received royalties and sales proceeds.

Three NFT series have been released by the firm thus far. The most recent set of NFTs featured Trump's mugshot in an attempt to capitalize on his recent arrest. One of the high-volume transactions was a real card that had fragments of Trump's suit on it.

Behind the scenes

The website for the former president's digital trading cards states that NFT INT LLC, which "is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC or any of their respective principals or affiliates,"is in charge of handling Trump's NFT drops and promotions.

"NFT INT LLC uses Donald J. Trump's name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms," the website further notes.

According to records made public by Citizens for Responsibility and Ethics in Washington, Trump has previously been named as the manager, president, secretary, and treasurer of CIC Digital LLC. According to those records, the former president has made at least $4.9 million from NFT license fees and has up to $5 million worth of ether.

The sales that Arkham has been tracking occur at a time when ether has increased 17% in the last month. As of 2:02 p.m. ET, the second-largest cryptocurrency in the world by market capitalization was up 6.1% over the previous day, trading at $2,352.