During the infamous 2018 ICO cycle, Sparkster claimed to be an upcoming cloud storing service built on the Ethereum blockchain. Sparkster had claims their chain would allow users to develop software without writing code and be capable of supporting 10 Million transactions per second.
The team managed to raise $30 million during Sparksters ICO, which was equivalent to around 50,000 ETH at the time. Since the initial sale, the team has gone AWOL and no project has ever developed, leaving investors with a hefty loss.
Sparkster’s wallet containing the 50,000+ ETH (split amongst five separate wallets) had never been touched, and it looked as if it would be money lost forever.
However, on the 19th of May, over $22 Million was swapped from ETH to USDC, done in multiple 1000 ETH transactions on Uniswap. The USDC now sits in the wallets with around $5 million in each.
What is going to happen next for the funds is unknown. Circle, the creators of USDC, have been known to blacklist wallets in the past, so it may be possible that all outgoing USDC transactions will be halted.
