<img src="https://cryptoslate.com/wp-content/uploads/2024/11/ethereum-coins.jpg” />
ethereum (eth) co-founder Jeffrey Wilcke transferred 20,000 eth, equivalent to over $72 million, to Kraken on November 28.
Your wallet still contains 106,006 eth.
Maartunn, CryptoQuant Community Analyst <a target="_blank" href="https://x.com/JA_Maartun/status/1862160599007756512″>highlighted This is the fourth time Wilcke has transferred eth to Kraken this year, exceeding $147 million. He first moved 4,300 eth to the exchange on February 10, worth $10.6 million.
Wilcke transferred 10,000 eth to Kraken four days later, worth $27.2 million. His third deposit of 10,000 eth, equivalent to $37 million, occurred on May 22.
Community scrutiny
The ethereum Foundation (EF) and the co-founders of ethereum have been under scrutiny from the community this year.
On August 23, EF transferred 35,000 eth to Kraken, which raised concerns of the community given the high value of the transaction, valued at 94 million dollars at the time of the transfer.
EF contributor Josh Spark and ethereum co-founder Vitalik Buterin clarified the reason for the transfer, explaining that it was to foster institutions that drive the ethereum ecosystem.
According to the Arkham on-chain data platform, EF-related addresses registered almost <a target="_blank" href="https://intel.arkm.com/explorer/entity/ethereum-foundation”>45,000 eth in negative net flows in 2024.
A week later, Buterin <a target="_blank" href="https://x.com/VitalikButerin/status/1829801352500801538″>I had to explain an eth deposit equivalent to $10 million, citing that he had never made a profit for his own benefit since 2018. He added:
“All sales have been to support various projects that I believe are valuable, whether within the ethereum ecosystem or in broader charities (e.g. biomedical research and development).”
As of November 28, Buterin-related wallets recorded a year-to-date negative net flow of 6,000 eth.
eth investors are especially concerned about these transfers, given the cryptocurrency's poor performance this year compared to bitcoin (btc) and Solana (SOL).
According data Artemis, bitcoin and Solana have posted annual returns close to 116% in 2024, while eth is up 51.5% so far, well below the average crypto market return of 109%.
