In a surprising turn of events, an address allegedly associated with former U.S. President Donald Trump has reportedly dumped $2.4 million worth of Ethereum (ETH).

According to a tweet from crypto analytics firm Arkham Intelligence, the transaction records disclose that about three weeks ago, Donald Trump commenced the transfer of Ethereum (ETH) to Coinbase. This action came on the heels of months of accumulating royalties from NFTs associated with the former president. The analysts at the firm observed that the wallet linked to Trump had amassed a peak balance of $4 million before the recent divestment, involving the liquidation of an estimated 1075 ETH.

Arkham researchers further provided insights into the transaction, shedding light on Trump’s involvement in distributing and promoting non-fungible tokens. Reportedly, the NFTs associated with the politician are managed by NFT INT LLC, an entity explicitly stated as “not owned, operated or controlled” by Trump or his organizations. The project description emphasizes that NFT INT holds a paid license from CIC Digital LLC, which could be subject to termination or withdrawal based on its terms.

CIC Digital, where Trump holds positions as the manager, president, secretary, and treasurer, owns the wallet, receiving commissions from the “license transaction.” This revelation raises questions about the financial dynamics and relationships within the Trump-associated entities involved in the NFT market.

Meanwhile, a report in August disclosed that the former president declared an income of $2.8 million from the sale of Ethereum. The report further detailed the success of Trump’s NFT ventures, with the first series of trading cards bringing in revenue ranging from $100,001 to $1 million. The subsequent set of non-fungible tokens quickly sold out within ten minutes, generating an impressive $500,000 to $1 million in revenue. Each asset’s initial price was $99, demonstrating the widespread appeal and profitability of Trump-associated NFTs.

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Earlier this month, Trump released yet another collection of NFTs featuring his prison photo, continuing his engagement with the burgeoning NFT market.

That said, as the specifics of these transactions gradually come to light, the cryptocurrency community finds itself engrossed in the financial strategies of the former U.S. president within the dynamic world of digital assets. Despite Trump’s engagement with cryptocurrencies, he has refrained from publicly endorsing the sector.

It is worth recalling that in December 2021, former U.S. First Lady Melania Trump made a notable entry into the NFT space by launching her platform and revealing her inaugural digital artwork, powered by the Solana blockchain.