Blockchain sleuth @lookonchain reported that he spotted a large crypto transfer about an hour ago, moving $2 million worth of ETH. This move was also noticed by another DLT tracker, @OnchainDataNerd, who reported it on his X app page.
This transaction took place right after the ETH price showed a slight increase, following a recent 4.23% drop. Nevertheless, Ethereum continues to hold above the key $2,000 level so far.
Ethereum Foundation moves 1,000 ETH
In its latest X post, Lookonchain stated that 1,000 ETH, worth an impressive $2 million, was moved by the Ethereum Foundation to a Safe multi-signature wallet “0x4e6b”. Safe is a type of wallet based on the Ethereum chain.
Earlier this year, according to data shared by @lookonchain, the several similar chunks of ETH to the same multi-signature wallet – 1,000 ETH almost three months ago and another 1,000 ETH almost half a year ago. The purpose of these transactions remains unclear and has not been commented on by any Ethereum representative.
However, the ETH community started jumping to conclusions. Today’s ETH transfer sparked a heated discussion under the @lookonchain post as ETH holders became curious as to the purpose of this large Ethereum transaction.
Some commenters believe that the Ethereum team, led by Vitalik Buterin, is gradually selling its corporate ETH stash, as they sent criticism to the Ethereum Foundation and its front man, Vitalik. Several people in the comments wondered if the ETH price will continue to fall as a result.
Cardano founder criticizes Buterin and ETH redesign plan
As reported by U.Today over the weekend, Buterin recently gave an interview in Turkey and answered questions from the local ETH community. When asked about the roadmap for Ethereum, Buterin stated that something needs to be done about ETH staking as many users do not find the mechanism as easy or convenient to use, pouring a lot of technical details on his audience.
Cardano founder Charles Hoskinson (who was also part of the team that created Ethereum with Buterin) said, “Don’t worry, Ethereum 3.0 will fix it all.
Previously, Ethereum’s staking model was heavily criticized by Hoskinson, as users were unable to unlock their ETH for several years prior to the actual launch of the updates that comprise Ethereum 2.0 and ensure the blockchain’s transition from the proof-of-work to the proof-of-stake consensus algorithm.
The Ethereum Merge upgrade that allowed the chain to run on proof-of-stake was launched last September, and ETH could not be unstaked until the next upgrade, called Shanghai, at the beginning of this year.
At the time, Hoskinson emphasized several times on the X app that Cardano stakers can unstake their coins at any time, and even to stake their ADA, they do not have to take it out of their wallets, unlike in the case of Ethereum. The Cardano founder at the time called this a fundamental difference between the Cardano and Ethereum blockchains.
