The Ethereum Foundation has transferred 160,000 ETH (about $654 million) to a wallet that was previously used for ETH sales.
Ethereum Foundation transfers 160,000 ETH to wallet that sold ETH amid criticism storm
160,000 ETH transferred to wallet “used to sell ETH”
- In the early morning of October 22, Ethereum Foundation (EF) transferred 160,000 ETH (about 654 million USD) to a wallet address that was said to be associated with past Ethereum sales, causing the crypto community to stir about its true intentions.
THE ETHEREUM FOUNDATION JUST TRANSFERRED $650M $ETH
— Arkham (@ Arkham) October 21, 2025
The Ethereum Foundation just transferred $654M of ETH to a wallet used for selling in the past.
This wallet has only made significant transfers to:
Kraken Deposit
SharpLink Gaming
A Multisig that sells ETH pic.twitter.com/hqdQINzx0P
- According to data from Arkham Intelligence , this ETH was sent to wallet 0xc0...0B6d, which Arkham described as only making large transactions to addresses like Kraken Deposit, SharpLink Gaming, and a multisig wallet that previously sold ETH.”
- Shortly after the news broke, Hsiao-Wei Wang, co-CEO of the Ethereum Foundation, spoke out on X to reassure, stating that this was just a planned wallet move, not a sell-off.
The recent 160,000 ETH transfer was a scheduled @ethereumfndn wallet migration.
— hww. ETH | Hsiao-Wei Wang (@hwwonx) October 21, 2025
0xc06145782F31030dB1C40B203bE6B0fD53410B6d is the new main EF Treasury multisig wallet. https://t.co/5BCwv9YGyT
- The "father" of Ethereum, Vitalik Buterin also briefly explained the Ethereum Foundation's move to transfer 160,000 ETH , he said:
“We have migrated our main multisig wallet to Safe, replacing our old wallet which has been in use for over 10 years and is almost no longer supported by the infrastructure.”
We changed over our primary multisig wallet from a clunky 10 year old thing that has basically no infra support to a Safe. pic.twitter.com/aRRZ4ZdJnk
— vitalik. ETH (@VitalikButerin) October 22, 2025
- This statement helps to ease some of the community's concerns after Arkham discovered a huge amount of ETH was transferred to a wallet that was related to the sale.
Insiders speak out to criticize, EF's spending is again being scrutinized
- Although the explanation was given early, the transfer of a huge amount of ETH still makes the community skeptical about the transparency of the organization's asset management.
- Many opinions say that this move appeared at the right time when this organization is under financial scrutiny when just yesterday, Péter Szilágyi, the head of the Geth development team of EF, reposted a letter to the Ethereum Foundation leadership in 2024, in which he strongly criticized the organization's management.
- In the letter, Szilágyi accused that the success of Ethereum-related projects depended too much on the “inner Circle” around co-founder Vitalik Buterin, and he also revealed that his total salary in 6 years was only about 625,000 USD, while Ethereum's Capital increased to hundreds of billions of USD in the same period.
- This statement has caused a wave of heated debate, as many people support Szilágyi, arguing that EF is paying low salaries that are not commensurate with the contributions of developers, while continuously selling ETH to maintain operations.
- Previously, EF's sale of Ethereum was considered a sensitive action when, in January 2025, ETH price did not grow as much as other layer-1s, there were not many notable technological developments, the community was constantly arguing about the relationship between L1 and layer-2 projects , while Ethereum Foundation regularly sold ETH and had to wait for community pressure to be transparent with information .
- ETH price recorded a decrease of 0.3% in the last 24 hours and is currently hovering around $3,869.
ETH price movement in the last 24 hours, screenshot on CoinGecko at 11:15 AM on October 22, 2025
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