The Ethereum Foundation is once again in the spotlight. The non-profit organization behind the development of the second largest cryptocurrency by market cap has transferred 160,000 ETH—about $654 million—to a wallet that, according to Arkham Intelligence, was previously used for token sales.
Large transaction and community reaction
According to Arkham, the transferred funds went to an address previously associated with the Kraken exchange, the SharpLink gaming platform, and a multisig wallet that had been used for token sales. The publication sparked a wave of discussion on X: users speculated that the transfer could be preparation for selling part of the assets.
The foundation’s management responded quickly. The executive director stated that the operation is part of a ‘planned wallet migration’ and is not related to market transactions. Nevertheless, the discussion quickly turned into a broader conversation about the Ethereum Foundation’s transparency and financial management.
Criticism and internal disputes
Interest in the foundation’s activities increased after public statements from one of Ethereum’s former lead developers, who previously accused the organization’s leadership of being secretive and distributing resources unevenly. In an open letter, he claimed that the success of new ecosystem projects largely depends on how close their creators are to the foundation’s management.
He also noted that over six years of work, his total compensation amounted to about $625,000, despite Ethereum’s market value growing to hundreds of billions of dollars during that time. These statements sparked lively discussions in the community and questions about how effectively the foundation’s funds are distributed.
Restructuring and cost optimization
In recent months, the Ethereum Foundation has undergone internal changes. The organization announced staff reductions and introduced a new strategy for managing ETH reserves. According to official statements, the foundation aims to ‘increase transparency, resilience, and operational efficiency’ by focusing on funding key areas of network development.
Analysts note that such fund movements occur regularly and are not always related to sales. However, amid current market volatility and public attention to the actions of major ETH holders, any large transfers trigger investor reactions.
What's next?
The Ethereum Foundation has not yet disclosed details about further reserve operations. However, experts believe the organization seeks to strengthen trust by increasing transparency and updating its financial structure.
Amid growing community scrutiny, the foundation is at a point where every transaction becomes a symbol—either of trust or of doubt in the management of Ethereum's future.
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