POAP founder Patricio Worthalter deposits 4,000 ETH worth $10.79 million into Gemini
Lookonchain reported that POAP founder Patricio Worthalter deposited 4,000 ETH worth about $10.79 million into Gemini, while Ember put his remaining holdings at 54,967 ETH.
Why it matters
The transfer moves ETH onto a centralized exchange and comes from a founder winding down a project, so it may matter for how much ETH sits on venues where it could be sold. The scale is limited: $10.79 million is a small share of the $149 million Ember attributes to the same wallet group, and no sale has been confirmed.
Key facts
Lookonchain reported on Oct. 5 that Patricio Worthalter deposited 4,000 ETH worth about $10.79 million into Gemini.
4,000 ETHReported by Crypto News (CryptoNews.net)
The 4,000 ETH deposit was valued at approximately $10.79 million.
10,790,000 USDReported by Crypto News (CryptoNews.net)
Ember reported that Worthalter still controlled 54,967 ETH worth close to $149 million after the transfer.
54,967 ETHReported by Crypto.News
No sale of the deposited ETH after the Gemini transfer has been confirmed by any transaction data reviewed for the reports.
Reported by Crypto News (CryptoNews.net)
Worthalter is the founder of POAP.
Reported by Crypto.News
POAP announced in August that it would wind down after more than five years of operations.
Reported by Crypto.News
Ethereum traded near $2,730, with weekly RSI at 64.48 and MACD remaining bullish.
2,730 USDReported by Crypto.News
Crypto Patel, described as an analyst, holds a $60,000 Ethereum target that Crypto.News called a conditional long-term bull-case projection rather than a confirmed forecast.
60,000 USDReported by Crypto.News
What happened
Lookonchain reported on Oct. 5 that POAP founder Patricio Worthalter transferred 4,000 ETH, worth about $10.79 million, into the Gemini exchange roughly eight hours before its post. Crypto News, citing the same @lookonchain commentary, described the deposit as notable and connected it to questions about Ethereum supply and demand, but reported no confirmed sale. On-chain analyst Ember separately reported that Worthalter still controlled 54,967 ETH worth close to $149 million after the transfer, so the wallet group kept far more ETH than it sent to Gemini. Both Crypto News and Crypto.News stressed that a transfer onto a centralized exchange does not establish that Worthalter sold the coins, and no transaction data reviewed for either report confirmed a sale after the deposit. Ethereum traded near $2,730 during the period, with weekly RSI at 64.48 and MACD still bullish. POAP announced in August that it would wind down after more than five years of operations. A separate Crypto.News story published the same day concerns a different Gemini: Google Gemini, the AI service named in a report alleging Tronify.rent took $69,651 from roughly 80 victims in September.
How the story developed
- First report
First report by Crypto News (CryptoNews.net)
Gemini Receives 4,000 ETH Deposit from Patricio Worthalter
- Update
Gemini deposit first reported by Lookonchain
Lookonchain posted on Oct. 5 that Worthalter had transferred 4,000 ETH to Gemini roughly eight hours earlier; Crypto News relayed the same commentary.
- Independent corroboration
Independently corroborated by Crypto.News
Google Gemini cited in $69K crypto scam report
- Update
Ember reports remaining holdings after the transfer
Ember put Worthalter's remaining balance at 54,967 ETH worth close to $149 million.
- Official statement
POAP announces wind-down
POAP announced plans in August to wind down after more than five years of operations.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 5 Oct 2026, 02:26 UTC: Crypto News (CryptoNews.net) — 1 independent source, 1 reports
- 5 Oct 2026, 05:21 UTC: Crypto.News — 2 independent sources, 2 reports
Affected entities
Also mentioned: Russia
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto News (CryptoNews.net) Aggregator | Gemini Receives 4,000 ETH Deposit from Patricio Worthalter | Original | |
| Crypto.News Crypto media | Google Gemini cited in $69K crypto scam report | Independent | |
| Crypto.News Crypto media | Can ETH reach $3,000 after POAP founder moves $10.8M? | Independent |
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