The Ethereum Foundation (EF), the non-profit entity behind the development of the Ethereum blockchain, has distanced itself from a recent substantial deposit made to the decentralized finance (DeFi) protocol Sky, previously known as MakerDAO. The transaction in question involved a total of nearly 30,100 ETH.
Data from crypto intelligence platform Arkham indicated that on March 10, an anonymous user made a deposit of 30,098 ETH into Sky. At current market rates, this sum has a significant valuation of approximately $57,614,795.
Source: Arkham
Initially, the wallet from which this substantial transfer originated was labeled with the identifier ‘Ethereum Foundation?’. This labeling led to speculation among various figures in the cryptocurrency sector, with journalist Colin Wu, also known as Wu Blockchain, among those suggesting that the EF had moved the funds to Sky.
In response, members of the Ethereum community quickly refuted this assertion, highlighting that the identified address does not belong to the Ethereum Foundation. Wu later deleted his original tweet after backlash from the community.
Source: sassal0x, Twitter
Ethereum educator and founder of The Daily Gwei, Anthony Sassano, affirmed that the address attributed to this deposit is indeed not associated with the Ethereum Foundation. Eric Conner, an Ethereum developer and co-author of EIP-1559, also labeled the claims regarding the wallet as “completely fake,” criticizing the speculative nature of such statements circulating on Crypto Twitter.
Wu Offers Another Explanation
In a follow-up post, Wu provided clarification that on-chain data does not trace the wallet back to the Foundation. He suggested that it is more likely tied to an early Ethereum investor. Notably, the wallet in question had received 4 million DAI during the Ethereum Foundation’s ETH sale in May 2022, with its transaction history connecting back to the wallet identifier ‘jonny.eth.’
This wallet had also made the noted 30,098 ETH deposit into the MakerDAO vault on March 11 and currently holds a debt position of 78 million DAI, according to the available data.
The timing of this discussion aligns with a broader debate within the community regarding whether to sell or borrow funds. While the Ethereum Foundation commonly sells ETH for operational funding, this practice has drawn criticism from various community members.
In late January 2025, Conner expressed frustration over what he perceives as the Foundation’s primary activity being the “dumping” of ETH. Sassano has advocated for the Foundation to consider staking their coins rather than exchanging them for stablecoins.
In contrast, Ethereum co-founder Vitalik Buterin highlighted potential concerns regarding staking, including regulatory implications and the risk of being forced to take sides during contentious hard forks in the future. Nevertheless, he acknowledged that strategies to mitigate these risks are being explored by the Foundation.
As a sign of its evolving strategy, the Ethereum Foundation allocated 45,000 ETH to various DeFi protocols in February 2025, including Compound, Stark, and Aave, with intentions of further exploration into staking options.
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