The burning of $4.5 million in ether has left the Ethereum community puzzled

The user with the ENS name nd4.eth wasted $4.5 million worth of ether. The main cause is still a mystery.

The crypto community was taken aback when an anonymous user with the ENS handle nd4.eth donated 2,500 ether (about $4.5 million) to a burn address. This random act of destruction did nothing except waste the coins.

The exchange really happened on July 26 but news of it is only now becoming public, sparking enormous interest and conjecture in the cryptocurrency world. Little is known about the reasoning for this action.

Others have joked that the person should be commended for successfully lowering Ethereum’s supply, which is in line with the “Ethereum’s Ultrasound Money” storyline, while many are confused as to why someone would trash $4.5 million worth of ether for no apparent reason.

The author of Wildcat Protocol, Laurence Day, said in a joking way, “If you didn’t wake up this morning and thank nd4.eth for contributing to the ultrasound money story, I want you to think long and hard about what you’re trying to do here.”

In this context, “burning” means destroying the tokens so they can never be used again. As is customary, they were sent to the address 0xdea…069 in this instance.

Currently, the person has 34,287 GMX tokens (worth $1.84 million) and 311,003 Gains tokens (worth $1.43 million), according to on-chain experts at Lookonchain. They also transferred 600 GNS, 34.9 GMX, and 1.5 ETH to the same address to burn, for a total of nearly $7,000.

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