Crypto News-Announcements

Ethereum Foundation Moves Big ETH Lump – Sell-off Coming?

Blockchain sleuth @lookonchain reported that approximately an hour ago it spotted that the Ethereum Foundation had made a large crypto transfer, moving $2 million worth of ETH. This move was also noticed by another DLT tracker, @OnchainDataNerd, which reported it on its X app page.

This transaction happened right after the ETH price showed a marginal rise, which followed a recent drop of 4.23%. Still, Ethereum continues to hold above the key $2,000 level so far.

Ethereum Foundation moves 1,000 ETH

In its recent X post, Lookonchain stated that 1,000 ETH worth an impressive $2 million was moved by the Ethereum Foundation to a Safe multi-signature wallet “0x4e6b.” Safe is a type of wallet based on Ethereum chain.

Earlier this year, according to data shared by @lookonchain, the Ethereum Foundation also transferred several similar lumps of ETH to the same multi-signature wallet – 1,000 ETH nearly three months ago and another 1,000 ETH almost half a year ago. The goal of these transactions remains unclear and has not been commented on by any Ethereum rep so far.

Ethereum Foundation transferred 1,000 $ETH($2M) to Safe Multisig wallet “0x4e6b” 20 mins ago.

— Lookonchain (@lookonchain) November 27, 2023

However, the ETH community started jumping to conclusions. Today’s ETH transfer sparked a heated discussion under the @lookonchain post as ETH holders became intrigued as to the goal of this large Ethereum transaction.

Some commentators believe the Ethereum team spearheaded by Vitalik Buterin is gradually selling its corporate ETH stash as they sent critiques to the Ethereum Foundation and its frontman, Vitalik. Several people in the comments wondered if the ETH price is going to fall further because of this.

Cardano founder criticizes Buterin and ETH staking redesign plan

As reported by U.Today over the weekend, Buterin recently gave an interview in Turkey, answering questions of the local ETH community. When asked about the road map for Ethereum, Buterin stated that something needs to be done about ETH staking since many users find its mechanism not so easy or convenient to use, pouring a lot of technical details on his audience.

Cardano founder Charles Hoskinson (who was also on the team who founded Ethereum together with Buterin) commented on that in a sarcastic tone, stating, “No worries, Ethereum 3.0 will have it all sorted.”

Earlier, the Ethereum staking model was heavily criticized by Hoskinson since before the actual launch of updates that comprise Ethereum 2.0 and ensure the blockchain’s shift from the proof-of-work to the proof-of-stake consensus algorithm, users were unable to unlock their ETH for several years.

The Ethereum Merge upgrade that allowed the chain to begin running on proof-of-stake was launched in September last year, and ETH was not allowed to be unstaked until the next upgrade, called Shanghai, at the start of this year.

Back then, several times Hoskinson emphasized on X app that Cardano stakers are allowed to unstake their coins at any time they want, and even in order to stake their ADA, they do not have to move it from their wallets, unlike in the case of Ethereum. The Cardano founder, back then, called this a fundamental difference between the Cardano and Ethereum blockchains.

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