By Isaac • June 6, 2026 1:16 pm •
A wallet linked to Ethereum co-founder Joseph Lubin moved 110,000 ETH on June 6, and the first reaction across crypto Twitter was the obvious one. People assumed a founder was selling.
On-chain trackers told a different story. The Block reported the ETH went toward defending a $259 million DAI debt position inside Maker, not into an exchange order book.
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Ethereum sits as the second-largest crypto asset by market capitalization, per CoinGecko’s June 6 table. When a coin that size is already trading through a weak zone, a dormant founder-linked wallet waking up gets read as a threat first and explained later.
Here is the post that lit the fuse.
A wallet related to Ethereum’s co-founder
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