Ethereum Foundation's $654 Million ETH Transfer: Sale Rumors and Developer Compensation?

The Ethereum Foundation moved $654M in ETH, sparking sale rumors. Could this be for underpaid developers after a recent resignation and public apology?

Ethereum Foundation's $654 Million ETH Transfer: Sale Rumors and Developer Compensation?

The Ethereum Foundation's recent transfer of $654 million in ETH to a wallet known for sales has the crypto community buzzing. Is a major ETH dump on the horizon? Or is there more to the story? Let's dive in.

The $654 Million Transfer: What We Know

Arkham Intelligence flagged the massive transfer, immediately igniting speculation. This isn't just pocket change; it's a significant sum that could potentially move markets. The Ethereum Foundation has sold smaller amounts of ETH in the past, typically to fund research or support DeFi projects, but those transfers were peanuts compared to this one.

A Potential Nest Egg for Developers?

Adding fuel to the fire, veteran Ethereum developer Péter Szilágyi recently resigned, citing concerns over underpaid core developers. Szilágyi revealed he earned $625,000 before taxes over six years, while witnessing ETH's market cap explode. This revelation sparked outrage within the community, especially considering the looming $654 million ETH transfer.

Interestingly, shortly after Szilágyi's resignation, a Co-Executive Director at the Ethereum Foundation issued a public apology, acknowledging that veteran developers are