Ethereum Foundation not behind $56M Sky deposit, developer says

Ethereum community members dismissed rumors of a $56 million transfer into lending protocol Sky from the Ethereum Foundation.

An Ethereum developer rejected speculation that the Ethereum Foundation (EF) was behind a recent deposit of more than 30,000 Ether into the decentralized finance (DeFi) protocol Sky, formerly known as MakerDAO.

On March 10, a wallet address deposited 30,098 Ether (ETH), worth about $56 million, into Sky. Crypto intelligence platform Arkham labeled the address “Ethereum Foundation?,” raising speculation that the EF may have moved funds into the lending protocol — a strategy recommended by the community — instead of directly selling ETH to fund its operations. 

However, community members quickly dismissed the claims, clarifying that the wallet in question does not belong to the Ethereum Foundation. Eric Conner, the co-author of Ethereum Improvement Proposal (EIP-1559), called a Wu Blockchain report “completely fake,” implying that the address doesn’t belong to the EF. 

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