Blockchain investigator @lookonchain recently identified a substantial cryptocurrency transfer executed by the Ethereum Foundation, moving $2 million worth of ETH approximately one hour ago. Another distributed ledger technology (DLT) tracker, @OnchainDataNerd, corroborated this discovery on its X application page.
This transaction coincided with a slight uptick in the price of ETH, following a recent 4.23% dip. Nevertheless, Ethereum has maintained its position above the crucial $2,000 threshold.
The Ethereum Foundation transferred 1,000 ETH, equivalent to an impressive $2 million, to a Safe multi-signature wallet labeled “0x4e6b,” a type of wallet based on the Ethereum chain, as reported in a recent post by Lookonchain.
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Earlier this year, Lookonchain data indicated similar transfers of 1,000 ETH to the same multi-signature wallet, occurring nearly three months and almost six months ago. The purpose behind these transactions remains undisclosed, with no official comments from Ethereum representatives.
While the Ethereum community speculates on the motive behind this significant transaction, there is a growing belief among commentators that the Ethereum team, led by Vitalik Buterin, might be gradually liquidating its corporate ETH holdings. Criticisms directed at the Ethereum Foundation and Buterin himself suggest concerns about the potential impact on ETH’s price.
In a recent interview in Turkey, Buterin addressed concerns about Ethereum’s roadmap, specifically mentioning the need for adjustments to ETH staking due to perceived complexities. Cardano founder Charles Hoskinson, a co-founder of Ethereum alongside Buterin, responded sarcastically, stating, “No worries, Ethereum 3.0 will have it all sorted.”
Hoskinson had previously criticized the Ethereum staking model, emphasizing that Cardano stakers have the flexibility to unstake their coins at any time, unlike Ethereum users who faced restrictions until the implementation of the Ethereum Merge upgrade in September of the previous year. Hoskinson highlighted this as a fundamental distinction between the Cardano and Ethereum blockchains.