The post Crypto Drama: Ethereum Foundation’s $100 Million Transfer Sparks Debate appeared on BitcoinEthereumNews.com.

TLDR: Ethereum Foundation transferred 35,000 ETH (~$96.9 million) to Kraken exchange Transfer sparked criticism over lack of transparency Foundation says it’s part of normal treasury management for $100M annual budget Some community members questioned Foundation’s spending and decision-making Foundation claims regulatory issues prevented advance notice of transfer The Ethereum Foundation, a nonprofit organization supporting Ethereum development, recently transferred 35,000 ETH (worth approximately $96.9 million) to cryptocurrency exchange Kraken. This move has ignited debate within the crypto community about the Foundation’s transparency and financial practices. On August 23, 2024, blockchain analytics firm Lookonchain reported the large transfer from an Ethereum Foundation wallet to a Kraken deposit address. The transaction quickly drew attention on social media, with some community members expressing concern over the lack of prior communication about such a significant movement of funds. Note that #Ethereum Foundation deposited 35,000 $ETH($94.07M) into #Kraken just now!🚨https://t.co/1DMzORJ9Eg pic.twitter.com/91x2ik2kbH — Lookonchain (@lookonchain) August 23, 2024 Aya Miyaguchi, Executive Director of the Ethereum Foundation, responded to the criticism on social media platform X (formerly Twitter). She explained that the transfer was part of routine “treasury management activities” related to the Foundation’s annual budget of around $100 million. 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) August 24, 2024 Miyaguchi stated that much of this budget goes toward grants and salaries, with some recipients requiring payment in fiat currency rather than cryptocurrency. “This year, there was a long period of time when we were advised not to do any treasury activities due to the regulatory…

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Filed under: News - @ August 26, 2024 11:21 am