The Ethereum Foundation’s $654 million ETH transfer sparked speculation before being clarified as a routine treasury migration amid internal tensions.
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Posted October 22, 2025 at 9:54 am EST.
The Ethereum Foundation has transferred 160,000 ETH, valued around $654 million, triggering widespread speculation and scrutiny across the crypto industry.
Blockchain analytics platform Arkham first flagged the transactions, noting that the wallet it was transferred to had previously only made significant transfers to ETH treasury firm SharpLink Gaming, crypto exchange Kraken, and a multisig wallet that sells ETH.
“The recent 160,000 ETH transfer was a scheduled Ethereum Foundation wallet migration,” clarified Hsiao-Wei Wang, the Foundation’s co-Executive Director.
This story is an excerpt from the Unchained Daily newsletter.
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“0xc06145782F31030dB1C40B203bE6B0fD53410B6d is the new main EF Treasury multisig wallet.”
The transfer comes days after Geth’s former lead developer Péter Szilágyi publicly shared a letter he had written to the Foundation calling out the relatively low compensation he received even as Ethereum’s market value grew substantially over the last six years.
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