The Ethereum Foundation recently made headlines after selling 1.7k ETH and converting the funds into 2.74 million USD Coin ($USDC). The transaction was completed about 30 minutes after receiving the ETH from a Safe multisig wallet, 0xbC9a9.
The Sale of 1.7k ETH by the Ethereum Foundation
Lookonchain reported this transaction on the 9th of October.
“Ethereum Foundation wallet 0x9ee4 sold 1,700 ETH for 2.74 million USDC at $1,611 30 minutes ago.”
Lookonchain
Again, they said;
“Grant Provider: 0x9ee4(Ethereum Foundation wallet) sold 1,700 $ETH for 2.74M $USDC at a price of $1,611 30 minutes ago.”
Lookonchain
This selling of ETH by the Ethereum Foundation has driven concerns among the crypto community about a potential price downturn
The Ethereum Foundation is a non-profit organization responsible for developing and maintaining the Ethereum blockchain.
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