Ethereum Foundation exchanges 1700 ETH on Uniswap for $2.738 million

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Ethereum Foundation exchanges 1700 ETH on Uniswap for $2.738 million

The Ethereum Foundation has exchanged 1700 ETH on Uniswap for $2.738 million, or about $1,611 a month, according to on-chain data.

ETH's price plummeted to $1,553 in the trading days since, before experiencing a slight recovery to $1,577, where it remained at press time.

The Arkham Intelligence dashboard reveals that the Foundation received 1,700 ETH from a GnosisSafe Proxy wallet. Afterwards, this ETH was converted via the Uniswap decentralized exchange into stablecoin. In a statement, Gnosis said, the Foundation raised $3.23 million inUSDC from the fund for the Gnosis wallet.

The Arkham Intelligence dashboard shows that the Foundation has assets worth $454,482 in its wallet, such as 240.68 ETH valued at $390,000, 3.238 millionUSDC, 49,700 DAI, and 10,000 ARB tokens worth $8500.

The Ethereum Foundation's transactions are a reaction to similar moves made by Vitalik Buterin, the blockchain network's co-founder.

On Oct. 7, on-chain analyst Lookonchain reported that a addresses '0xD04daa' related to Buterin transferred 150,000 units of ETH to Bitstamp, a centralized crypto exchange.

The same address has deposited 4,400 ETH and more than $7 million to Bitstamp in the past two months, the analyst said.

CryptoSlate had also reported that the Ethereum co-founder had consistently transferred his ETH holding to exchanges at different periods this year.

For context, Buterin sent more than 1,000 ETH to exchanges, unknown addresses, and a Gnosis safe Proxy wallet during a seven-day period in September. He had already transferred 600 ETH to Cryptobase in August and 200 ETH to Kraken in March.

Despite recent sales, Buterin maintains a significant Ethereum holding. The data contained in his digital wallet shows that he owns about 250,000 ETH units within his cryptocurrency wallet, which is valued at around $400 million.