Ethereum Foundation Faces Backlash For 'Dumping' $100 Million ETH After Saying 'Believe In somETHing'
Cryptocurrency analyst J.A. Maartun called out the Ethereum Foundation on Tuesday for selling a large chunk of its Ethereum (CRYPTO: ETH) holdings contrary to its public messaging.
What happened: In an X post, Maartun, known for tracking on-chain movements, highlighted that the non-profit organization has offloaded 25,833 ETH, worth $98.98 million at prevailing prices, in the last few months.
"Is this what belief looks like?" Maartun asked the Ethereum Foundation. "Follow actions, not words."
The accusation of hypocrisy comes after the foundation, dedicated to promoting and developing Ethereum-related technologies, wrote, "believe in somETHing" in an X post.
A closer look at the movement revealed that the outflows coincided with the jump in ETH’s price. The foundation still held 189,357 ETH as of this writing.
Jack, an X user, suggested that there could be a “justified reason” for the sales outside of profit-taking. Maartun agreed but urged the ETH Foundation to be transparent in their messaging and inform investors of any on-chain moves.
The Ethereum Foundation didn't immediately return Benzinga's request for comment.
See Also: Why Crypto Investors Are Receiving Internal Revenue Service Warning Letters
Why It Matters: Notably, around 10,000 ETH was acquired by the Ethereum treasury company Sharplink Gaming Inc. (NASDAQ:SBET) in an over-the-counter deal with the Ethereum Foundation earlier in the month.
The discussions about on-chain moves come amid a remarkable comeback bounce for ETH, which nearly took the second-largest cryptocurrency past the crucial $4000 mark.
Price Action: At the time of writing, ETH was trading at $3,831.58, down 1.54% in the last 24 hours, according to data from Benzinga Pro.
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Posted-In: Cryptocurrency
