Ethereum Foundation made a transfer of 654 million dollars.

The Ethereum Foundation has executed a major transfer of 160,000 Ethereum (approximately 654 million dollars). This move has stirred considerable reactions in the crypto world, with some claiming that the transaction serves a sales purpose. However, the foundation's management stated that this transaction is a planned wallet migration.

Ethereum Foundation explained that the 160,000 Ethereum transferred to a significant wallet was from an account that had previously been used for sales transactions. Blockchain analysis platform Arkham Intelligence reported that this wallet had previously made transfers to Kraken, SharpLink Gaming, and various multisig addresses. The rapidly spreading information on social media reignited discussions about the Ethereum Foundation's fund management.

Hsiao-Wei Wang, Co-Director of the Ethereum Foundation, emphasized in a statement on X (Twitter) in response to the criticism that the transaction was indeed a 'planned wallet migration.' Wang stated that the foundation regularly migrates its wallets for security reasons, asserting that this process is a routine operation.

Additionally, this transfer came amid recent discussions within the Ethereum Foundation. Péter Szilágyi, a former developer of Ethereum, reshared his critical letter sent to the foundation management last year, arguing that the success of new Ethereum projects is influenced by relationships with a 'narrow circle' within the foundation. Szilágyi also noted that he had only received a salary of 625,000 dollars over six years, sparking debates within the community regarding the foundation’s transparency and employee policies.

The Ethereum Foundation had announced earlier that it was undergoing a restructuring process and had closed some developer positions. The foundation had stated that it was working on a new plan for managing its Ethereum reserves. Against the backdrop of all these developments, the 654 million dollar transfer raised the question of 'is the foundation selling?' However, the foundation's management reiterated their assertions that the transaction was purely a technical migration, striving to instill confidence in the community.