Ethereum

Foundation

The Ethereum Foundation has cleared up confusion about its recent transfer of 35,000 ETH, worth around $94 million, to the Kraken exchange.&nbsp;
Aya Miyaguchi, the Foundation’s Executive Director, explained on X that the move was part of a planned strategy to convert some of its crypto holdings into cash. The funds are needed for grants, salaries, and other expenses, especially for those who prefer traditional currency over crypto payments.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 This is part of our treasury management activities. EF has a budget of ~$100m per year, which is largely made up of grants and salaries, and some of the recipients are only able to accept in fiat. This year, there was a long period of time when we were advised not to do any…— Aya Miyaguchi (ayamiya.eth) (@AyaMiyagotchi) <a href="https://twitter.com/AyaMiyagotchi/status/1827219654999470258?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 24, 2024</a>
 </blockquote>
 </div>
</figure>
This <a href="https://www.cryptotimes.io/2024/08/24/ethereum-foundation-deposits-35000-eth-into-kraken/" rel="noopener noreferrer nofollow">transfer</a> has sparked worries within the Ethereum community, leading to rumors and questions about the Foundation’s financial situation.&nbsp;
Miyaguchi noted that delays due to regulatory issues prevented the Foundation from communicating its plans earlier, which added to the speculation. She emphasized that this wasn’t an immediate sale, but the start of gradual sales intended to avoid disrupting the market.
The lack of transparency before the transaction led to criticism, with some community members asking for more regular financial updates. Many suggested that the Foundation should provide quarterly reports that detail their spending and plans for selling assets. There are also calls for a dedicated team to handle communication and keep the community informed.
 Despite the initial concerns, <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’s price</a> held up well, rising by 4.5% and reaching $2800 shortly after the news.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/08/21/mt-gox-transfers-709-million-in-bitcoin-to-unknown-wallet/" rel="noopener noreferrer nofollow">Mt. Gox Transfers Over $700 Million in Bitcoin to Unknown Wallet</a>
</blockquote>

Ethereum Foundation Explains 35,000 ETH Transfer to Kraken

The Crypto Times

Other articles published on Aug 25, 2024

Bitcoin Surges Past $64,000 Mark

Investors Focus on Crypto-Artificial Intelligence Startups

Gate.io Teams Up with Inter Milian as Sleeve Sponsor for 2024/25 Season

Investor Exodus From Notcoin as Meme Coin Crowd Flock To Tron and Rollblock

Learn About Polkadot’s Parachain Launch, Arweave’s Upgrades, And Qubetics Whitelist

Staring at Imminent Collapse, WazirX Owner Floats Conspiracy Theories

Join our free newsletter for daily crypto updates!