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$64.4 Million ETH Allegedly Withdrawn From Ethereum Foundation: What's Going On?

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Sun, 16/06/2024 - 15:38
$64.4 Million ETH Allegedly Withdrawn From Ethereum Foundation: What's Going On?
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Recent reports by crypto journalist Colin Wu reveal a significant transaction involving Ethereum (ETH), worth $64.4 million. The funds were moved from an account previously associated with the Ethereum Foundation, identified as "0x8e23," to a newly created address, "0x8798."

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The original transaction in which the Ethereum Foundation sent 44,167 ETH, then worth $40,930, to "0x8e23," took place nine years ago on Nov. 20, 2015. As of now, this amount of Ethereum is equivalent to $154.58 million.

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This is not the first time that one of the key entities associated with the major altcoin token may have sold its ETH. However, it is one of the largest in recent times, with previous recent cases not exceeding 100 ETH, or $350,000.

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Source: Arkham Intelligence

At one point, Vitalik Buterin, the founder of Ethereum, justified these sales with the need to cover the operating costs of the organization, or charity. Whether the possible sale of ETH worth tens of millions of dollars is justified by such a need remains a question.

Ethereum (ETH) price outlook

Meanwhile, the price of the main altcoin continues to torment traders in the range of $3,400 to $3,900, and it still will not update its all-time high at $4,868. 

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ETH to USD by CoinMarketCap

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Uncertainty is added by the low-liquidity summer market and confusion with the dates related to the approval of spot Ethereum ETFs. However, experts expect the situation to be resolved soon.

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