The Ethereum Foundation has Transferred 1k ETH to Multi-Sig Wallet

The Ethereum Foundation has reportedly transferred 1,000 Ethereum tokens to 0xbC9a, a multi-signature wallet. They are collectively worth approximately $2.38 million. Speculation suggests that the transfer enables a swap for almost 241,000 DAI. The development was first reported by LookOnChain. 

The #Ethereum Foundation transferred 1,000 $ETH($2.38M) to a multi-signature wallet”0xbC9a” again 15 mins ago.

According to the previous transaction, this multi-signature wallet will transfer $ETH to wallet”0xd779″ and swap it for $DAI.https://t.co/1DMzORJ9Eg pic.twitter.com/ZMwM9yRt62

— Lookonchain (@lookonchain) September 6, 2024

This is not the first time that a transfer has occurred. The Ethereum Foundation has sold 2,616 tokens since the beginning of the year, that is, January 1, 2024. The intention was to make up for 7.64 million DAI at an average price of $2,922.

At the time of writing this article, the price of a single Ether against the US Dollar is $2,332.78, down 3.39% over the past 24 hours.

For now, the community is believed to be in shock with the transfer. The transfer has instilled negative sentiments around the token at a time when the community is speculating increased uncertainty. Earlier, the token was inching closer to $3,000, but it has since fallen to a new low.

Some users have raised questions to Vitalik Buterin, asking if the previously reported transfers were indeed for the entire year or if they should expect something similar in the remaining months.

It is impossible to ignore the fact that the market is experiencing pressure for a variety of reasons. Spot Ether ETF is one of them, along with the online political and economic conflicts across the US. On September 5, 2024, ETFs reported a net outflow of 40.2 million, marking the third consecutive day of negative flow in the ecosystem. The near future is bullish, but surges are less than encouraging. The maximum jump that ETH is anticipated to make is 7.13% in the next 30 days for a value of $2,538.71.

Meanwhile, the Eigen Foundation is in the process of launching another airdrop rewards wave. The Foundation is an organization behind Ethereum restaking protocol EigenLayer. The Foundation confirmed the update in a post on Thursday. The post announced the release of 86 million tokens beginning on September 17, 2024. Contributors and users of the project will receive these rewards.

Estimates indicate that those who operated nodes and staked their claims will receive 70 million tokens in the second season.

LookOnChain reported another incident that pertains to ETH. According to reports, three hackers deposited 17,800 Ethereum tokens worth almost $42.7 million to Tornado Cash. A total of 9,600 Ether and 7,200 Ether were deposited by Penpiexyz and WazirX exploiter, respectively. Another hacker deposited 1,000 stolen tokens in a separate transaction.

A few crypto enthusiasts have said that it could be a reason for drops in the value of Ether. Others believe that this could be a chance of catching all 3 hackers.

It is yet to be determined if more Ethereum tokens will be transferred to the wallet. If that occurs at any point, LookOnChain has its record ready to update.