Ethereum Foundation Faces Scrutiny Over $96.9M Transfer Decision

On August 23, 2024, the Ethereum Foundation transferred 35,000 ETH, valued at $96.9 million, prompting criticism over transparency within the crypto community.

The foundation’s executive director, Aya Miyaguchi, clarified that the transfer was part of routine treasury management, necessary for budget allocations that include grants and salaries. Despite this explanation, some, including crypto attorney Gabriel Shapiro and Aave-Chan Initiative founder Marc Zeller, expressed concerns over the foundation’s spending priorities and the overall direction of Ethereum’s growth. This debate highlights ongoing tensions between transparency and operational strategy within the foundation.

Clever Robot News Desk 26^th August 2024