Back to the list

After Buterin, Ethereum Foundation Transfers 1.7K ETH To Uniswap

source-logo  coinedition.com 10 October 2023 12:58, UTC

Crypto analytics platform Arkham Intelligence’s data revealed that the wallet address “0x9eE457023bB3De16D51A003a247BaEaD7fce313D,” belonging to the Ethereum Foundation, swapped 1,700 ETH for 2.738 million USDC on the Uniswap decentralized exchange. However, earlier today, an MEV Bot attacked the Foundation during the transaction, resulting in a significant loss.

The crypto monitoring platform EigenPhi reported that during the transfer, the Foundation encountered a Sandwich attack from MEV Bot, resulting in a loss of $9,101. After accounting for expenses, the MEV Bot managed to secure a profit of $4,060.

At the time of writing, Ethereum is changing hands at $1,592, as per data from CoinMarketCap. Nevertheless, the transaction, made at a rate of $1,611 per Ethereum coin, pushed Ethereum’s price to drop by 1.45%. Moreover, ETH witnessed a nearly 3% decline, moving from $1,636 down to the $1,591 range on the Bitstamp exchange.

Following the sale, the wallet associated with the Ethereum Foundation now contains 240.68 ETH, 3.2 million USDC, 49,700 DAI stablecoins, and 10,000 ARB tokens, amounting to a combined value of $3.687 million.

On October 7, Lookonchain, an on-chain analytics firm, shared that an address linked to Ethereum co-founder Vitalik Buterin initiated a transfer of 1,000 ETH tokens worth $1.64 million. It was soon discovered that the coins were being sent to the popular crypto exchange Bitstamp. Notably, in the last two months, Buterin’s wallet address has deposited 4,400 ETH into Bitstamp, amounting to approximately $7.23 million.

vitalik.eth(@VitalikButerin) related address transferred 1K $ETH ($1.64M) out again, which may be deposited into #Bitstamp.

This address has deposited a total of 4.4K $ETH ($7.23M) to #Bitstamp in the past 2 months.https://t.co/LRrcqoxUhf pic.twitter.com/oO0rEAD6pd

— Lookonchain (@lookonchain) October 7, 2023

Ironically, a recent post shared by the market intelligence platform Santiment highlighted that 110,000 ETH, valued at $181 million, were withdrawn from crypto exchanges on October 5. While representing the largest daily outflow of ETH from exchanges since August 21, this move helped Ethereum’s price grow by 0.20% in just 24 hours.

Interestingly, crypto attorney Bill Morgan recently claimed that Buterin and other individuals with insider access are exploiting the protocol for personal gain. Additionally, Morgan noted that government authorities have the ability to easily censor transactions on the Ethereum network.

General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.