Ethereum-based decentralized computing platform Golem has sent more than $100 million worth of ETH to centralized exchanges such as Binance, Coinbase, and Bitfinex over the past few weeks.

This has become a cause for concern for crypto markets already battered by large Bitcoin selloffs and the prospect of more to come.

Golem is one of the earliest Ethereum initial coin offerings (ICOs), raising around $8 million, or 820,000 in ETH, during the 2016 ICO boom.

Another Entity Dumping on Markets?

“First governments, now old ICOs, who’s next?” commented blockchain analytics platform Nansen, which reported the ETH transfers on July 8.

Golem still holds 126,034 ETH worth around $387 million, according to its wallet address.

Ethereum advocate Anthony Sassano compared it to blockchain platform and one time labeled “Ethereum killer” EOS, which raised $4 billion in an ICO before converting it to Bitcoin and “abandoning the project.”