On Thursday evening, a major movement of 92,500 ETH took place between two wallets quickly catalogued by the community as belonging to the Ethereum Foundation. But is the latter really the owner of these addresses?
Did the Ethereum Foundation Really Move $300 Million Worth of ETH?
On Thursday evening, several observers noticed a movement of 92,500 ETH on a wallet that was allegedly associated with the Ethereum Foundation :
Year #EthereumFoundation-related wallet transferred 92,500 $ETH($294.9M) to a new wallet 9 hours ago after being dormant for 6.6 years.
Through on-chain tracking, it was found that these $ETH were received from the #EthereumFoundation on Sep 1, 2015.https://t.co/FKGsNCrBAT pic.twitter.com/vPOAMq4ccK
— Lookonchain (@lookonchain) July 26, 2024
These ETH, which had not been moved since December 21, 2017, are valued at more than $300 million at the time of writing.
Although they have not yet moved from their new destination address, this significant move has had the effect of triggering a lot of speculation about X. However, The wallet's affiliation with the Ethereum Foundation has actually been denied by one of its members to the editor-in-chief of The Block:
Ethereum Foundation tells me this tweet is not accurate https://t.co/swjG2fW8kx
— Tim Copeland (@Timccopeland) July 25, 2024
For now, The Ethereum Foundation has not commented on the matter.. In the past, it has already sold ETH several times to finance its operations, but the identity of the actor behind this major movement does not seem to be known at the moment.
Despite the selling pressure that such a move could have triggered, ETH has not reacted particularly negatively. It must be said that the asset has already been falling since Wednesday, although ETFs were approved by the Securities and Exchange Commission (SEC) on Tuesday:
ETH price in hourly data
👉 Also in the news — Ethereum spot ETF: $130 million net outflows on day 2
Thus, after momentarily falling below $3,100 on Thursday evening, ETH has rebounded slightly and is now trading at $3,250, which even represents an increase of 2.44% over the last 24 hours.
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Source: TradingView
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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