Ethereum News: Mysterious User Burns $1.65 Million in Ethereum, Raises Concern with Cryptic Messages

An enigmatic Ethereum user, identifying as Hu Lezhi, has recently burned 500 ETH, equivalent to approximately $1.65 million, leaving a series of cryptic and concerning messages on the blockchain.

Mysterious User Burns $1.65 Million in Ethereum, Leaving Concerning Messages

An anonymous Ethereum user, identifying themselves as Hu Lezhi, burned 500 ETH, worth approximately $1.65 million, in a series of transactions containing concerning on-chain messages. The messages appeared to be a manifesto, detailing outlandish complaints against Kuande Investment, the user's apparent employer, related to mind control. Hu also threatened suicide in the messages, sparking concern within the crypto community. Figures like TRON founder Justin Sun attempted to reach out and support the individual. However, the incident also had a negative impact, inspiring at least one meme coin.

Ethereum Layer 1 Dominates DeFi Fees, Accumulating Over $1.67 Billion

Ethereum Layer 1 has accumulated over $1.67 billion in gas fees from DeFi, accounting for over 30% of all fees from DeFi ecosystems. Base, ZKsync Era, and Arbitrum One follow Ethereum, with significantly lower fees. The data also shows Ethereum's weekly dominance in DeFi fees, highlighting a massive gap between Ethereum and other chains.

Ethereum Price Defies The Trend, Beating Bitcoin in Recent Gains

Ethereum price is showing positive signs above the $2,650 zone, outshining Bitcoin and indicating a potential increase in the near term. The price is trading above $2,650 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $2,700 on the hourly chart of ETH/USD. If the pair settles above $2,750 and $2,780, it could start a significant upward move.

Ethereum Shows Signs of Rebound as ETH Prices Outperform Broader Crypto Market

Ethereum has shown mild signs of a rebound, outpacing most altcoins to start the week. Ether hit an intraday and 12-day high of $2,832 on Feb. 17 but fell back to $2,720 in early trading on Feb. 18. Despite this, ETH has gained 2% on the day, whereas the wider crypto market has retreated 2.4% in terms of total capitalization. Santiment added that from a long-term perspective, ETH continues to move off of exchanges and into cold wallets at a shocking pace, with just 6.38% of the available supply remaining on exchanges.