Lubin-Linked Wallet Shifts $356M in ETH Without Selling
A wallet linked to Ethereum co-founder Joseph Lubin has moved its entire remaining balance of about 133,298 ETH, worth roughly $356 million at the time, to a brand-new address. The transfer took place on October 1st, after a 1 ETH test transaction to the same destination. The source address is labelled 'Joseph Lubin?' by blockchain analytics firm Arkham Intelligence, and it's also tagged as a Genesis Block Address, which means it received ETH in Ethereum's original 2015 distribution.
The receiving wallet held 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. The genesis wallet itself has never sent funds directly to an exchange, and it now holds about 1 ETH plus a handful of airdropped tokens.
Lubin-linked wallets have made similar large moves in the past without selling, and experts believe this move may be for custody changes or security housekeeping. In June, the same wallet sent 110,000 ETH to three addresses as collateral in Sky (formerly MakerDAO) vaults, backing about $259 million of DAI borrowing. That move also prompted dump speculation and turned out to be defensive.