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Ethereum Foundation: The transfer of $654 million ETH is part of the planned Wallet migration.
Golden Finance reports that the Ethereum Foundation has transferred approximately 160,000 ETH (equivalent to 654 million USD) into a wallet that was previously used for selling ETH. Arkham Intelligence noted that this wallet has only made large transfers to Kraken, SharpLink Gaming, and a multi-sig addresses that sells ETH in the past. Hsiao-Wei Wang, Co-Executive Director of the Foundation, responded on social media that this transfer is part of an established wallet migration plan.