Joseph Lubin Transfers 110,000 ETH Worth $170 Million to Sky Protocol Last Week

According to Onchain Lens, a wallet linked to Ethereum co-founder Joseph Lubin transferred approximately 110,000 ETH, worth about $170 million, last week. The ETH was moved to three different wallets in three installments and deposited as collateral in the Sky protocol (formerly MakerDAO).

Lubin told Coindeks that recent changes at the Ethereum Foundation, including budget cuts and staff departures, represent necessary evolution rather than a crisis. He stated the foundation should adopt a decentralized structure, focus on protocol core technology, and remain neutral, separating protocol management from commercialization.