Crypto Markets News: Ethereum Foundation's Controversial $100 Million Transfer to Kraken
Crypto Markets News: Ethereum Foundation's $100 Million Transfer
The Ethereum Foundation is under fire for transferring 35,000 ETH, worth about $100 million, to the Kraken exchange without informing the community. On August 23, on-chain analytics firm Lookonchain reported the transaction, sparking widespread concern.
Community Reactions and Criticisms
In response, Aya Miyaguchi, the Executive Director of the Ethereum Foundation, clarified that the transfer aligns with the Foundation's $100 million annual budget. This budget supports grants and salaries, some of which require fiat payments. She explained that the Foundation couldn't disclose the transaction beforehand due to regulatory constraints.
Criticism from the Crypto Community
- Despite Miyaguchi's explanation, the crypto community remains divided.
- Many criticized the Foundation for not being transparent about its financial decisions.
- Crypto lawyer Gabriel Shapiro emphasized that transparency and accountability shouldn't lose importance.
- Shapiro noted the Foundation's rationale fails to reassure those concerned.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.