TLDR
- Ethereum Foundation moved 160,000 ETH ($654 million) to a wallet with history of token sales on October 21, 2025
- Co-Executive Director Hsiao-Wei Wang clarified the transfer was a planned wallet migration, not a sale
- Former developer PƩter SzilƔgyi disclosed earning $625,000 over six years before resigning from the foundation
- SzilƔgyi alleged project success depended on proximity to foundation leadership including Vitalik Buterin
- Recent foundation changes include developer layoffs and new policies for managing ether reserves
The Ethereum Foundation completed a transfer of 160,000 ether on October 21, 2025. The transaction was valued at approximately $654 million. Blockchain analytics platform Arkham Intelligence first identified and reported the large-scale movement.
The destination wallet has previously sent funds to several platforms. These include Kraken Deposit, SharpLink Gaming, and a multisignature address. Arkham’s analysis showed the multisig wallet had been used for ether liquidation in the past.
Co-Executive Director Hsiao-Wei Wang addressed the transfer publicly. She explained the movement was part of a planned wallet migration. Wang stated the transfer was not connected to any token sale plans.
Former Developer Reveals Compensation Details
PƩter SzilƔgyi resigned from his lead developer position two days before the transfer. He previously sent a letter to foundation leadership outlining internal concerns. SzilƔgyi made the letter public following his departure.
The former developer disclosed his total earnings during six years at the foundation. He reported receiving approximately $625,000 before taxes. During this period, Ethereum’s market capitalization grew from zero to $450 billion.
SzilĆ”gyi’s letter included claims about project approval processes. He stated that new Ethereum projects needed connections to the leadership circle for success. The letter specifically mentioned proximity to co-founder Vitalik Buterin as a factor.
Wang responded to these compensation concerns on October 22, 2025. She acknowledged that veteran developers were “underpaid for the value that you brought.” Her statement came shortly after the resignation news spread through the community.
Foundation Implements Organizational Changes
The Ethereum Foundation has undergone structural adjustments in recent months. These changes include staff reductions and new reserve management policies. The foundation stated these measures support long-term operational sustainability.
Previous token sales by the foundation were smaller in scale. A sale one month earlier supported research and development funding. That transaction was 16 times smaller than the October 21 transfer.
The foundation continues funding development projects across the Ethereum ecosystem. Recent support has gone to independent DeFi initiatives. Most of these transactions have stayed below $10 million in value.
Community members track foundation wallet activity through blockchain transparency. The October transfer attracted attention due to its size and timing. The destination wallet’s transaction history added to community interest.
Arkham Intelligence noted the wallet’s connections to exchange platforms. The multisig address history raised questions among observers. However, Wang’s migration statement provided the foundation’s official explanation.
The foundation has not detailed specific future plans for the transferred funds. Wang’s announcement focused on the technical aspects of the wallet migration. The 160,000 ETH remains in the new wallet address as of the latest blockchain data.
Foundation reserves support ongoing Ethereum development and research initiatives. The organization manages its ether holdings to fund these activities. Recent policy changes aim to create a structured approach to reserve management.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
