An Ethereum developer has denied speculation that the Ethereum Foundation (EF) was responsible for a recent deposit of over 30,000 Ether into Sky, a decentralized finance (DeFi) protocol previously known as MakerDAO.
On March 10, a wallet address deposited 30,098 Ether (ETH), valued at around $56 million, into Sky. Crypto analytics platform Arkham tagged the wallet as potentially belonging to the “Ethereum Foundation,” sparking rumors that EF might have shifted funds into the lending protocol — a strategy some in the community had suggested — rather than selling ETH directly to support its operations.
But those claims were swiftly dismissed by community members, who clarified that the wallet isn’t owned by the Ethereum Foundation. Eric Conner, co-author of the Ethereum Improvement Proposal (EIP-1559), called Wu Blockchain’s report on the matter “completely fake,” asserting that the address isn’t linked to EF.
Anthony Sassano, host of The Daily Gwei, echoed that view, stating the wallet isn’t connected to the Ethereum Foundation.
Wu Blockchain later clarified its report, acknowledging that although the wallet was initially suspected to be associated with EF, transaction history indicates it likely belongs to an early Ethereum investor.
Records show the wallet had previously received a 4 million Dai (DAI) transfer from the EF ETH Sale back in May 2022. Its initial Ether funding was traced to another wallet named jonny.eth.
The $56 million deposit into the Sky vault appeared to be an effort to avoid liquidation as ETH’s price dropped sharply on March 10 — falling from a high of $2,138 to $1,813, a decline of about 15%. By adding collateral to the vault, the wallet reduced its liquidation price to $1,127.14, roughly 40.19% below ETH’s market price of $1,896 at the time of writing.
