According to on-chain analyst Ember (@EmberCN), Aztec Network, an Ethereum privacy L2 project, transferred its final batch of 5,020 ETH (approximately $12.3 million) to Coinbase early this morning, completing the conversion of all 19,400 ETH (approximately $59.1 million) raised during its public auction in December last year. At the time of the auction, the project sold 15% of its AZTEC tokens (1.5 billion tokens) at a price of $0.0473, representing a roughly 50% decline from the current price. During the TGE, the team withdrew 4,234.6 ETH to establish liquidity, with the remaining 15,200 ETH gradually transferred to Coinbase over the past three months.
Aztec Network converts 19,400 ETH from the 2023 public auction into USD
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Summary
Aztec Network has converted 19,400 ETH (approximately $5.91 million) from its December 2023 public auction into USD. On-chain analyst EmberCN noted that the final 5,020 ETH ($1.23 million) was sent to Coinbase. The team initially retained 4,234.6 ETH for liquidity and transferred the remainder over three months. During the ETH update, 1.5 billion AZTEC tokens were sold at $0.0473 and are now down 50%. This ETH news confirms the project’s complete conversion of auction proceeds.
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