Discovery: 1inch Project Team Revealed as ETH Trading "Experts"

The wallet address associated with the 1inch team has just swapped approximately $10.7 million in stablecoins to purchase over 6,000 ETH. Previously, this wallet famously sold ETH at its peak, recording substantial profits.

Discovery: 1inch Project Team Revealed as ETH Trading "Experts". Image Source: Cointelegraph

On August 28, 2023, on-chain monitoring tools detected large ETH transactions originating from a wallet labeled as belonging to the 1inch team.

Specifically, 1inch's wallet swapped 10 million USDT and 70,000 USDC to acquire 6,088 ETH. Consequently, the average purchase price of ETH was approximately $1,655.

Initially appearing as a routine swap order, further examination of recent transaction history revealed an intriguing twist. On July 5th, the same wallet had sold 11,000 ETH at an average price of $1,906, as previously reported by Coin68.

At that time, amidst community speculation sparked by the sizable sell-off, the 1inch team clarified that it was a test of the Fusion trading feature.

Now, juxtaposing the recent purchase order, it seems the 1inch team simultaneously tested the new feature while engaging in profit-seeking trading activities: selling at the peak of $1,906 and buying back at the dip of $1,655. Truly demonstrating adept trading expertise!

Currently, 1inch's wallet holds approximately 9,453 ETH, valued at around $15.5 million USD.

Readers can use on-chain tools to monitor the wallet address of this ETH "trading expert" to follow their trades!

The price of 1INCH is trading around $0.24 USD, down 1% over the past 24 hours.

1H chart of 1INCH/USDT pair on Binance at 05:00 PM on August 28, 2023

The price of ETH is fluctuating around $1,634 USD, showing minimal volatility compared to the previous day.

1H chart of ETH/USDT pair on Binance at 05:00 PM on August 28, 2023