Cosmos developer Interchain Foundation has liquidated 4,000 ETH, worth around $9.5 million. The sale is recent and reflects an overall trend over the past five months. Since late April, the foundation has sold a total of 15,100 ETH, worth around $37.09 million.
Controversial sale amid $132 million in revenue
The liquidation was part of the funds raised in April 2017 through Cosmos’ initial coin offering (ICO). At the time, the Interchain Foundation raised around $17 million, including 4,882.7 BTC and 246,891 ETH. The ICO played a key role in funding Cosmos, a blockchain platform focused primarily on interoperability between chains.
To date, Interchain has sold a total of 223,305 ETH and 4,499 BTC, raising over $132.2 million. However, the fund still holds a significant amount of crypto with 383.8 BTC and 23,587 ETH.
V19 Upgrade: A Major Step
Cosmos Hub recently announced its v19 upgrade, coinciding with the Interchain sale. This upgrade promises to improve the efficiency, security, and functionality of the platform.
One of the highlights of the v19 upgrade is the integration of Cosmos SDK v0.50, which simplifies and speeds up the development process, while powering more scalable and resilient applications in the ecosystem. The IBC protocol will also receive many functional improvements, allowing blockchains to communicate and send data to each other more efficiently.
Interchain Foundation Faces Scrutiny Over Financial Management
To date, the Interchain Foundation has not released details about the purpose of the sales. This has led to doubts among the investor community and Cosmos enthusiasts about potential strategic initiatives or the need for operational funding.
The Interchain Foundation recently faced a vote of no confidence, stemming from doubts about how the foundation is being managed to drive Cosmos development. Grace Yu, the author of the proposal, requested that the foundation release years of financial records, noting that Interchain has clearly failed to fulfill its fiduciary obligations to ATOM and Cosmos Hub investors.