Erik Voorhees a well-known figure in the cryptocurrency sector made a large purchase of this altcoin! Here are the details

The cryptocurrency industry’s most prominent figure, Erik Voorhees, is said to have bought Ethereum in a massive amount. Onchain analysis ShapeShift CEO Voorhees is said to have purchased Ethereum for more than $56 million, according to onchain analyst.

Using data shared by blockchain analytics platform Lookonchain, Voorhees spent 49 percent of his time on the project. Sunday’s Tether on Sunday was 08 million, with an estimated 23,393 $ETH purchased from the two wallets of one wallet and another wallet. Lookonchain data provider Arkham Intelligence also verified that the transaction data was a fraud.

After the transactions, one of these wallets continued to buy Ethereum and also shifted millions of $USDT into $1ETH, Lookonchain reported. These additional purchases led to the Ethereum holdings of the two wallets totaling 24,968 $ETH, a value around $56. A total of 5 million is .

Arkham figures suggest one of the wallets still holds about 4. $USDT and $8.44 million, 44 million for . The value of $ETH based on Aave is 64 million, and the money was paid for by at Aavesaves. A large portion of its $USDT balance was reportedly used by the other wallet for finalizing its Ethereum purchase.

Voorhees’ return to Ethereum purchases after nearly a year is notable, analysts say. In addition, Lookonchain reported that Billy Luedtke, an early Ethereum user and CEO of Intuition Protocol, purchased about 7,769 $ETH on Sunday.

The price of Ethereum is trading at around $2,265 when it’s writing (more than 7% over the last two days), market data show. In addition, the return of large investors to the market could mean continued long-term confidence in Ethereum, experts note.

*This is not investment advice.

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