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Ethereum Foundation Gifts $95 Million In ETH To Kraken

Ethereum Foundation Gifts $95 Million In ETH To Kraken

Last updated 29th Jun 2022
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A wallet belonging to the Ethereum Foundation has made a transaction of 20,000 ETH ($95 million) to crypto exchange Kraken. The foundation has not commented on the large transaction so far. 

According to data from Etherscan, the funds were transferred in the early hours of Thursday UTC time or Wednesday night US time. The wallet that made the transfer was flagged by Etherscan as an “EthDev” address that belonged to the Ethereum Foundation. 

The address still held some ETH, along with various other tokens, after the transfer was made. It was left with a total of $1.68 billion tokens in it. 

A similar transfer was made back in May, when 35,000 ETH (worth around $112 million) was sent to Kraken. Shortly after the May transfer was made, Ethereum co-founder Vitalik Buterin was interviewed by CNN. In the interview, Buterin agreed that Ethereum was in a “crypto bubble” and that it is notoriously hard to predict when bubbles end. 

There was much discussion about the transfer on Reddit’s r/Cryptocurrency subreddit. Users said that they are still optimistic about the price of ETH going forward. One user suggested that it may be because exchanges are “lacking ETH liquidity” because “nobody sells.” 

According to blockchain analyst Colin Wu, the Ethereum Foundation owned almost 400,000 ETH as of May 21st. The token has surpassed numerous highs recently, reaching a new all-time high on Monday. 

The Ethereum Foundation is a non-profit organisation that was set up to support Ethereum and it’s developers. The firm provides both financial and non-financial support to the broader ecosystem of the coin and have sold Ether in the past to provide it. 

Kraken is a US-based cryptocurrency exchange that has links with the Ethereum Foundation. Kraken is considered to be the rival of exchange giant Coinbase, on which Bitcoin takes up the majority of transactions. 

Ruby Layram

Ruby Layram

Ruby is a writer for Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. Ruby has been a professional personal finance and investment writer for 2 years and is currently building her own portfolio of altcoins. She is currently studying Psychology at the University of Winchester, specialising in Statistical analysis.