Ethereum Foundation denies suspicions it transferred $58 million of ETH in effort to lower liquidation price
Quick Take
- On Monday night, the blockchain research channel Lookonchain posted that “a wallet suspected to be Ethereum Foundation deposited” over 30,000 ETH “to lower the liquidation price.”
An Ethereum Foundation spokesperson took to social media on Tuesday to deny a claim that the organization had transferred $57 million of ETH to Maker.
This came after Monday night when the blockchain research channel Lookonchain posted to X that "a wallet suspected to be Ethereum Foundation" deposited 30,098 ETH "to lower the liquidation price."
In response to the post, Ethereum Foundation spokesperson Joseph Schweitzer posted Tuesday that the information is "fake." In fairness, Lookonchain's post about the possibility of the transfer coming from the foundation showed that Arkham Intelligence had placed a "?" next to the mentioned wallet, likely signifying Arkham was also unsure if it belonged to the organization.
At the time of writing the 30,098 ETH was worth about $58 million.
Ethereum's declining price has made the cryptocurrency increasingly vulnerable to liquidations. The Ethereum Foundation is a non-profit focused on developing the world's second-largest blockchain.
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