Ethereum Foundation’s spending transparency questioned: ETH held is only enough for 8 years of expenses
Author: Ignas, Crypto KOL
Compiled by: Felix, PANews
On August 24, the Ethereum Foundation deposited 35,000 ETH (about 94.07 million US dollars) into Kraken. The last time ETH was transferred to Kraken was on May 6 last year, when 15,000 ETH (about 30.1 million US dollars) was transferred to Kraken. ETH fell by 13% in the following 6 days.
The transfer operation has aroused concerns in the crypto community. In response, Aya Miyaguchi, executive director of the Ethereum Foundation, claimed: "This is part of the Ethereum Foundation's fund management activities. The Ethereum Foundation has an annual budget of about $100 million, which is mainly composed of grants and salaries. Some recipients can only accept legal currency. For a long time this year, the Ethereum Foundation was told not to conduct any fund activities because the supervision is complicated and plans cannot be shared in advance. However, this ETH transfer transaction does not mean a sale, and there may be a planned and gradual sale in the future."