A wallet linked to Ethereum co-founder Joseph Lubin deposited 110,000 ETH, worth roughly $170 million, into Sky vaults on June 6. The funds had been sitting untouched for over three years.
Onchain analysts were quick to flag the transaction, but the consensus is clear: this isn’t a sell signal. It’s defensive collateral management, designed to keep a massive leveraged position from getting anywhere near liquidation territory.
The numbers behind the move
The deposited ETH landed across three Sky vaults, the rebranded lending platform formerly known as MakerDAO. Together, those vaults now hold 412,430 WETH as collateral, backing approximately $259.05 million in outstanding DAI debt.
The liquidation thresholds for those three vaults sit at $899, $1,020, and $1,056 per ETH. With ETH trading around $1,560 at the time of the deposits, the nearest liquidation trigger was roughly 33% below the current price.
