A wallet linked to Ethereum co-founder Joseph Lubin transferred 110,000 ETH, worth approximately $170.78 million, across three large transactions to three different wallets early on Saturday ET, with the funds deposited as additional Sky (formerly MakerDAO) collateral as ETH slid below $1,600, according to onchain analytics platform Onchain Lens. The three transactions followed a 1 ETH transfer, likely a test, on Friday night.
The wallet is labeled "Joseph Lubin?" by Arkham Intelligence and tagged as a Genesis Block Address that received ETH in Ethereum's July 2015 distribution. Neither Lubin, who is also founder and CEO of blockchain software company Consensys, nor Consensys has publicly addressed the wallet activity. Consensys declined to comment in response to a request for comment from The Block.
Onchain data shows the wallet supplied the ETH across three Maker vaults containing a combined 412,430 WETH in collateral against $259.05 million in DAI debt. The vaults' liquidation prices sit at $899, $1,020, and $1,056 per ETH, leaving the position roughly 33% above the closest liquidation threshold at ETH's current price near $1,560. The price of ether has fallen about 1.5% over the past 24 hours, per The Block's Ethereum Price page.
