A wallet associated with Ethereum co-founder Joseph Lubin transferred 80,001 ETH (approximately $121.6 million) after being dormant for over three years. The wallet originally held 243,300 ETH (approximately $370 million). The immediate reaction from many was: Is he selling ETH again? The market briefly reacted with concern. However, on-chain data shows the ETH was not deposited into any exchange—it was instead sent to MakerDAO as collateral to support DAI loans and avoid liquidation. This appears to be a DeFi position management move, such as topping up collateral during a price dip, rather than an OTC sale. The wallet still holds a substantial amount of ETH.
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