Ethereum Developer Denies Foundation's Involvement in $56M Deposit into DeFi Protocol Sky

An Ethereum developer dismissed rumors that the Ethereum Foundation (EF) was responsible for a recent deposit of over 30,000 Ether into the decentralized finance (DeFi) protocol Sky, previously known as MakerDAO. On March 10, a wallet address deposited 30,098 Ether (ETH), valued at around $56 million, into Sky. Despite speculation from the crypto intelligence platform Arkham that the address belonged to the EF, community members clarified that it did not. The address, suspected to be associated with an early Ethereum investor, deposited the funds into the Sky vault to avoid liquidation as ETH prices dropped. The EF had previously faced criticism for selling ETH for stablecoins, but in February, they deployed $120 million into DeFi protocols Aave, Spark, and Compound.