Lubin-Linked Wallet Shifts $356M in ETH to New Address
A significant transfer of Ethereum (ETH) coins has taken place, with a wallet linked to Ethereum co-founder Joseph Lubin moving its entire remaining balance of about 133,298 ETH, worth roughly $356 million at the time, to a brand-new address.
The transfer occurred on 1 October, following a 1 ETH test transaction to the same destination. The source address is labelled 'Joseph Lubin?' by blockchain analytics firm Arkham Intelligence, and is also tagged as a Genesis Block Address, indicating it received ETH in Ethereum's original 2015 distribution.
The receiving wallet currently holds all 133,298 ETH, worth about $360 million with ETH near $2,700. Its history has only two transactions, both inbound from the genesis wallet, and nothing has left it.
Experts warn that large moves from early wallets can spark fears of selling, but in this case, the on-chain data does not support it yet. People move coins to a fresh address for custody changes, security housekeeping, or to prepare collateral, and none of those involve selling.
There is a precedent: in June, the same wallet sent 110,000 ETH to three addresses, which went in as collateral in Sky (formerly MakerDAO) vaults, backing about $259 million of DAI borrowing as ETH fell below $1,600. That move also prompted dump speculation and turned out to be defensive.
For now, the key signal is where the new wallet sends its ETH, if anywhere: a deposit to an exchange such as Binance or Coinbase would raise the possibility of selling, while a move into Sky, a lending protocol, or staking would point to collateral or yield rather than an exit.