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The Ethereum Foundation transferred 160,000 ETH ($654 million) to a wallet linked to past sales.
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The transfer sparked online speculation, prompting clarification from the Foundation.
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Co-Executive Director Hsiao-Wei Wang said the move was part of a scheduled wallet migration.
Large ETH Transfer Raises Eyebrows
The Ethereum Foundation has moved 160,000 ETH, worth about $654 million, to a wallet previously used for sales, according to Arkham Intelligence. The transaction prompted speculation about potential sell-offs and transparency concerns.
Co-Executive Director Hsiao-Wei Wang responded quickly, explaining the transfer was part of a planned wallet migration and not a market action.
Context of Ongoing Debate
The move follows weeks of public scrutiny after former Foundation developer Péter Szilágyi published a letter criticizing internal governance and influence concentration around co-founder Vitalik Buterin.
Online discussion about the Foundation’s financial practices has grown louder, especially as Ethereum continues to evolve under intense public visibility.
Restructuring and Transparency Push
In recent months, the Ethereum Foundation has undergone major changes, including layoffs and a revised treasury management plan. The Foundation maintains that these moves are part of improving operational efficiency and transparency.
