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Ethereum (ETH) co-founder Jeffrey Wilcke transferred 20,000 ETH, valued at over $72 million, to Kraken on November 28.
His wallet continues to contain 106,006 ETH.
CryptoQuant’s community analyst Maartunn noted that this marks the fourth occasion Wilcke has sent ETH to Kraken this year, totaling over $147 million. He initially transferred 4,300 ETH to the exchange on February 10, which was valued at $10.6 million.
Wilcke subsequently moved 10,000 ETH to Kraken four days later, worth $27.2 million. His third transaction of 10,000 ETH, valued at $37 million, took place on May 22.
Community scrutiny
The Ethereum Foundation (EF) and Ethereum co-founders have faced community scrutiny this year.
On August 23, the EF transferred 35,000 ETH to Kraken, which raised concerns within the community due to the substantial value of the transaction—approximately $94 million at the time of the transfer.
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EF contributor Josh Spark and Ethereum co-founder Vitalik Buterin provided clarification regarding the transfer, stating that it was intended to support institutions that enhance Ethereum’s ecosystem.
As per the on-chain data platform Arkham, EF-related addresses experienced nearly 45,000 ETH in negative net flows in 2024.
One week later, Buterin needed to clarify a deposit in ETH valued at $10 million, asserting that he had not realized profits for personal gain since 2018. He added:
“All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D).”
As of November 28, Buterin-related wallets show a year-to-date negative net flow of 6,000 ETH.
ETH investors are particularly concerned about these transfers, given the cryptocurrency’s underperformance this year in comparison to Bitcoin (BTC) and Solana (SOL).
According to data from Artemis, Bitcoin and Solana have achieved nearly 116% yearly returns in 2024, while ETH has increased by 51.5% thus far, significantly below the average return of 109% across the crypto market.
The post Ethereum co-founder moves $72 million in ETH to Kraken appeared first on CryptoSlate.
