A mysterious trader has burned more than $8M worth of blockchain assets

In the blockchain world, cryptocurrencies and NFTs are two of the most popular forms of investment for traders. It’s no wonder the crypto world was shocked when a mysterious trader burned his cryptocurrencies and NFTs worth more than $8 million.

With a username nd4.eth on ENS, the trader’s identity is unknown. However, over the last month, nd4.eth had permanently burned his valuable assets on the blockchain with the likes of cryptocurrencies ETH, GMX and GNS, and NFTs Bored Apes Yacht Club (BAYC), Mutant Apes Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC).

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Blockchain assets cannot be deleted in actuality, so the technical method nd4.eth used to bid farewell to some of his money was burning — sending his assets to a specific burn address that no one will ever have access to.

Arkham Intelligence, a blockchain analysis platform, detected and revealed that nd4.eth burned US$3.59M worth of crypto tokens on August 10, including GNS and GMX, and nearly US$90K worth of NFTs BAYC, MAYC and BAKC while he having already sent 2,500 ETH (US$4.65M) into the void recently on July 26.

In the crypto world, the same method has been adopted intentionally to add scarcity to certain types of coins or tokens by removing a number of them from circulation in hopes of increasing the prices of remaining assets.

But the intention behind nd4.eth’s shocking move is still unknown. As discussions rose off the million-dollar burning, some have raised concerns over the trader’s mental health while others urged him to seek help, because once you burn something, it’s gone for good.