- The Transfer and Community Reaction
- Response from Executive Director Aya Miyaguchi
- Criticism and Future Outlook
On August 23, 2024, the Ethereum Foundation transferred 35,000 ETH, worth approximately $96.9 million, to Kraken, sparking discussions in the cryptocurrency community.
The Transfer and Community Reaction
This transfer, highlighted by blockchain analytics firm Arkham Intelligence, sparked debates on the foundation’s transparency and financial management. Some community members expressed dissatisfaction with the lack of prior notice for such a significant transaction.
Response from Executive Director Aya Miyaguchi
In response to the criticism, Aya Miyaguchi, the foundation’s executive director, clarified that the transfer was part of the foundation’s routine 'treasury management activities.' She also mentioned that the foundation operates with an annual budget of around $100 million, mainly for grants and salaries, and some recipients require payment in fiat currency.
Criticism and Future Outlook
Gabriel Shapiro, a crypto attorney and co-founder of Metalex Labs, criticized the foundation for a perceived lack of clear strategy in maximizing the value of ether and supporting the broader network. Marc Zeller, founder of the Aave-Chan Initiative, also expressed dissatisfaction with the foundation’s spending, highlighting the modest pay received by the Geth team responsible for critical network work.
Discussions about the Ethereum Foundation’s financial management and transparency continue, raising important questions about the future development of the network and foundations within the cryptocurrency industry.
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