In another puzzling move, the unknown individual using the Ethereum Name Service identifier nd4.eth destroyed $3.3 million worth of GMX and GNS tokens, as well as several valuable non-fungible tokens, for no apparent reason.
The individual sent the assets to a designated null address, thereby relinquishing ownership and removing them from supply. The latest move came just a few days after the same person burned 2,500 ether worth $4.5 million.
So far, nd4.eth has burned over $8 million in crypto assets.
The NFTs that were sent to a designated burn address include 0xdea…069, pieces from the Bored Ape Yacht Club (#289 and #71), three Mutant Ape Yacht Club NFTs (#3573, #1826 and #1368), and Crypto Punk #5237. The total estimated value of the destroyed NFTs, based on current floor prices, is around 122 ether ($225,000).
Burning refers to the practice of permanently removing tokens from circulation by sending them to an address no one controls. The specific intentions behind the actions remain unclear, and nd4.eth has not publicly commented or provided any explanation for the moves.
Identity, reasons remain unclear
The details regarding the identity of the individual and why they chose to destroy valuable crypto assets remain unclear.
“After a day of silence, nd4.eth burned another $3.59M worth of tokens today — most of which he has held for months. Since January this year, nd4.eth bought $1.8M of GNS and >$1M of GMX from Uniswap. He decided to burn it all in the past 2 hours – still with no explanation,” Arkham Intelligence noted.
Source: The Block
