Ethereum Foundation denied involvement in a $7.7 million ETH sale flagged by trackers, as ETH’s price rally nears its all-time high.
(Photo of Shubham Dhage on Unsplash)
Posted August 14, 2025 at 10:05 am EST.
Onchain wallet tracker Lookonchain flagged the sale of 1,695 ETH for $7.7 million worth of the DAI stablecoin from a wallet supposedly linked to the Ethereum Foundation.
“This wallet originally received 20,756 ETH ($95.5M now) from the Ethereum Foundation wallet ‘EF 1’ back in 2017,” said Lookonchain in a Tuesday X post.
Ethereum Foundation Co-Executive Director Hsiao-Wei Wang set the record straight in an X post on Wednesday.
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“It was not the Ethereum Foundation’s operation. Fun fact: Back in the 2014 ICO, ~9% of the ETH supply was allocated to the EF; now EF holds under 0.3% of the total supply. So you can probably find tons of addresses linked to EF after ten years,” she said.
The transactions come as ETH continues to see strong price action, gaining 30% in the last week alone to $4,781, within striking distance of its all-time high.