The Ethereum Foundation's recent sale of 1,700 ETH has stirred debates and raised questions within the crypto community.
While some view this as a negative sign, others see it as a necessary step for operational costs.
Find out what experts are saying, the security measures taken, and the current crypto holdings of the Ethereum Foundation.
Swapping 1,700 ETH for 2.74 Million USDC
The Ethereum Foundation has liquidated 1,700 ETH for an equivalent of $2.76 million in USDC.
The trade took place on October 9, 2023, via the decentralized exchange (DEX) Uniswap. Blockchain analytics platform Scopescan also reported on this transaction.
While the specific reasons behind the Ethereum Foundation's ETH sell-off are not yet known, the move has led to a wave of negative opinions within the cryptocurrency community.
On the other hand, there are views that suggest the sale could be related to converting assets for paying labor costs, accompanied by comments advising against panic.
Ensuring Transaction Security with Multi-Sig
The USDC acquired from the ETH sale was reportedly sent to a wallet adopting a multi-signature mechanismâGnosis Safe Proxy (0xeA2). This is designed to require multiple signatures for transaction approval.
According to data revealed by Arkham Intelligence, as of October 10, 2023, the Ethereum Foundationâs wallet manages the following crypto assets:
- 226.462 ETH
- 40,658 DAI
- 10,125 ARB
- 7,096 USDC
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