Cosmos Developer Interchain Foundation Liquidates 4,000 ETH Worth Around $9.5M, Sparking Debate Amid $132M in Revenue

The Cosmos developer sale happened recently and was part of a broader trend over the last five months. Since the end of April this year, the foundation has sold 15

The Cosmos developer Interchain Foundation (ICF) has recently liquidated 4,000 ETH, amounting to approximately $9.5 million. This sale is part of a larger trend, with the foundation having sold a total of 15,100 ETH, valued at around $37.09 million, since the end of April.

The funds being sold were raised through Cosmos’ Initial Coin Offering (ICO) in April 2017, where the Interchain Foundation raised approximately $17 million in 4,882.7 BTC and 246,891 ETH. The ICO was a key fundraising effort for Cosmos, a blockchain platform focused on interoperability between chains.

To date, Interchain has sold 223,305 ETH and 4,499 BTC, generating over $132.2 million in revenue. Despite these sales, the foundation still holds a substantial balance of 383.8 Bitcoin and 23,587 Ethereum.

The Cosmos Hub announced the release of its v19 upgrade a couple of weeks ago, which coincided with the recent sales. This upgrade is designed to improve the platform's efficiency, security, and functionality.

While the size of the Foundation’s transactions has sparked interest in the community, the foundation has not yet disclosed specific details regarding the purpose of these sales. This has led some investors and Cosmos enthusiasts to speculate about potential strategic initiatives or operational funding needs.

The Cosmos Hub v19 upgrade integrates the latest core technologies in the Cosmos SDK v0.50, which is designed to streamline development, enabling faster application builds and powering more resilient and scalable applications in the ecosystem.

Crucially, the IBC protocol itself has received massive functionality enhancements for cross-chain interactions, enabling blockchains to send data to each other to facilitate communication between chains.

The Interchain Foundation’s continuous sales of Bitcoin and Ethereum highlight the enduring significance of initial coin offerings (ICOs) in the cryptocurrency market. Despite the market shifting since 2017, the foundation’s strategy of gradually converting assets has ensured that they maintain a sizable warchest of financial resources.

However, the Interchain Foundation recently faced a vote of no confidence over allegations that its leadership had mismanaged funds intended to support Cosmos’ development.

In addition to the vote of no confidence, the author of the proposal, Grace Yu, is also calling for the foundation to release years of financial records.

“The ICF has observably failed to uphold its fiduciary duties to ATOM investors and the Cosmos Hub,” Yu's proposal stated, referring to the blockchain at the heart of the Cosmos ecosystem and its native token.

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