The Ethereum Foundation, a non-profit supporting the Ethereum blockchain, recently moved 35,000 ETH, worth approximately $94 million, to the Kraken exchange.
This is the largest transfer the organization has made in 2024. Prior to this, the Foundation sold 2,516 ETH for 7.4 million DAI through several transactions.
The sizable transfer raised concerns within the cryptocurrency community, with some members calling for greater transparency. One commentator on social media emphasized the need for full financial disclosure to prevent any doubts.
The Foundation is known for its well-timed market moves. In November 2021, it sold 20,000 ETH just as the crypto market hit its peak. Similarly, in 2019, Ethereum co-founder Vitalik Buterin revealed that he had urged the Foundation to sell 70,000 ETH during the height of the 2017 bull run.
Despite this recent transfer, the price of ETH remains strong, currently trading at $2,741 on Bitstamp, with a 5% increase in the last 24 hours.
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