According to blockchain detective @lookonchain, it was discovered around an hour ago that the Ethereum Foundation had moved $2 million worth of ETH in a significant cryptocurrency transfer. Another DLT tracker, @OnchainDataNerd, also saw this shift and reported it on its X app page.
This transaction took place immediately following a recent 4.23 percent decline in ETH price, and it also showed a slight increase. Nevertheless, Ethereum has managed to maintain above the crucial $2,000 mark thus far.
Ethereum Foundation moves 1,000 ETH
Lookonchain announced in a recent X post that the Ethereum Foundation has sent 1,000 ETH, valued at an astounding $2 million, to a secure multi-signature wallet called “0x4e6b.” A wallet type built on the Ethereum network is called Safe.
The Ethereum Foundation also moved many comparable chunks of ETH to the same multi-signature wallet earlier this year, including 1,000 ETH about three months ago and another 1,000 ETH nearly half a year ago, according to data posted by @lookonchain. The purpose of these transactions is still unknown, and no Ethereum representative has offered any clarification on it thus far.
https://x.com/lookonchain/status/1729063882701074869?s=20
But the ETH community was making snap judgements. The purpose of today’s massive Ethereum transaction piqued the curiosity of ETH holders, leading to a contentious debate under the @lookonchain post.
As they directed criticism to the Ethereum Foundation and its founder, Vitalik Buterin, several observers speculated that the Ethereum team, led by him, is progressively selling its corporate ETH horde. Many commenters questioned whether this would lead the price of ETH to drop even more.
Cardano founder criticizes Buterin and ETH staking redesign plan
Buterin recently answered questions from the local ETH community at an interview in Turkey, as published over the weekend by U.Today. Buterin spilled a lot of technical facts on his audience when he was questioned about Ethereum’s future plans. He said that since many users find the ETH staking mechanism difficult to use, something has to be done about it.
Charles Hoskinson, the founder of Cardano and a member of the Ethereum founding team with Buterin, remarked sarcastically, “No worries, Ethereum 3.0 will have it all sorted.”
Hoskinson has previously harshly criticised the Ethereum staking model since it prevented users from unlocking their ETH for a number of years prior to the actual release of the patches that make up Ethereum 2.0 and guarantee the blockchain’s transition from the proof-of-work to the proof-of-stake consensus algorithm.
Launched in September of last year, the Ethereum Merge update enabled the chain to operate on proof-of-stake. Up until the start of this year, when the next upgrade, named Shanghai, was released, ETH could not be unstaked.
Hoskinson underlined on the X app many times back then that Cardano stakers are free to unstake their coins whenever they like and that, in contrast to Ethereum, they are not required to remove their ADA from their wallets in order to stake it. At the time, the Cardano creator referred to this as a key distinction between the Ethereum and Cardano blockchains.
