DEX aggregator 1Inch withdrew over $40 million worth of cryptocurrencies from its investment fund and purchased $10 million worth of Ethereum during the early hours of Aug. 28 at an average price of $1650, according to Etherscan data.

A breakdown of the withdrawals showed that the DeFi platform withdrew 41.8 million worth of Tether’s USDT, 396,000 in Uniswap’s UNI token, 3,120 Ethereum (ETH), and 75,000 in USDC. Additionally, 1Inch swapped $10.075 million USDT and USDC to buy 6,088 ETH.

The reasons behind the transactions remain unclear as of press time. 1Inch was yet to respond to CryptoSlate’s request for comment as of press time.

Onchain sleuth Lookonchain highlighted a smart money move executed by the 1Inch earlier this year. Per Lookonchain, 1Inch generated nearly $4 million …