The Ethereum Foundation’s transfer of 160,000 ETH sparked speculation about a potential sale, though the organization insists it was a planned wallet migration.
One of the oldest organizations in the crypto ecosystem, the Ethereum Foundation, has transferred 160,000 ETH worth roughly $654 million to a wallet previously linked to selling activity. Blockchain analytics firm Arkham noted that the address had interacted with exchanges and multisig wallets known for liquidations, prompting fresh debates over the foundation’s transparency in fund management. In response, Co-Executive Director Hsiao-Wei Wang stated on X that the transaction was not a sale but a scheduled wallet migration aimed at improving security. Wang emphasized that such moves are part of the foundation’s regular operational procedures.
The event follows recent internal criticism from former developer Péter Szilágyi, who alleged favoritism and questioned the foundation’s pay policies. Against this backdrop, the $654 million transfer has reignited questions about the foundation’s governance and its handling of reserves during its ongoing restructuring efforts.
