Ethereum Foundation Sends 1k ETH to Multi-Sig Wallet: What It Means
The Ethereum Foundation has reportedly moved 1,000 Ethereum tokens to a multi-signature wallet identified as 0xbC9a. This transfer amounts to around $2.38 million. There is speculation that this transfer facilitates a swap for approximately 241,000 DAI. The news of this development was initially disclosed by LookOnChain.
This recent transfer is not an isolated incident. Since the start of 2024, the Ethereum Foundation has sold off 2,616 tokens, aiming to acquire 7.64 million DAI at an average rate of $2,922.
As of the time of writing, the value of a single Ether against the US Dollar stands at $2,332.78, showing a 3.39% decrease over the last 24 hours.
The community appears to be taken aback by this recent transfer. It has generated pessimistic sentiments surrounding the token, particularly during a period when there is heightened speculation and uncertainty. Initially on the verge of reaching $3,000, the token has now experienced a downward trend.
Questions have been raised by some users directed at Vitalik Buterin regarding whether the previously reported transfers encompassed the entire year or if similar actions can be anticipated in the upcoming months.
Various factors are exerting pressure on the market. The Spot Ether ETF and ongoing political and economic tensions in the US are contributing elements. ETFs recorded a net outflow of 40.2 million on September 5, 2024, marking the third consecutive day of negative flow within the ecosystem. The immediate future is optimistic, although the projected surges are somewhat underwhelming. The expected maximum surge for ETH in the next 30 days is 7.13%, reaching a value of $2,538.71.
Meanwhile, the Eigen Foundation is gearing up to launch another wave of airdrop rewards. This Foundation is the entity behind the Ethereum restaking protocol EigenLayer. The Foundation officially announced the release of 86 million tokens commencing on September 17, 2024. These rewards will be distributed to contributors and users of the project.
Another noteworthy incident concerning ETH was reported by LookOnChain. Reports indicated that three hackers deposited 17,800 Ethereum tokens valued at nearly $42.7 million into Tornado Cash. Two of the hackers, Penpiexyz and the WazirX exploiter, deposited 9,600 Ether and 7,200 Ether, respectively. Additionally, a separate transaction involved another hacker depositing 1,000 stolen tokens.
Speculations have arisen within the crypto community regarding the potential impact of these deposits on the Ether’s value. Some suggest a correlation between these events and the recent drops in Ether’s value, while others view this as an opportunity to apprehend all three hackers.
The possibility of further Ethereum token transfers to the wallet remains uncertain. Should such transfers occur, LookOnChain stands prepared to provide updates accordingly.
