Ethereum Co-Founder Lubin-Linked Wallet Transfers $121.6M in ETH After 3 Years of Inactivity on June 5

According to blockchain data, a wallet linked to Ethereum co-founder Joseph Lubin transferred approximately 80,000 ETH, valued at $121.6 million to $123.5 million, on June 5 after remaining inactive for over three years. The wallet, which previously held about 243,300 ETH worth around $370 million, moved the transferred ETH to two wallets and supplied it to MakerDAO, where approximately $209.26 million in DAI has been borrowed against the ETH. The move appears linked to collateral management rather than a direct sale, as the assets were not confirmed to have moved to a centralized exchange.

The transfer comes as Ethereum faces broader market pressure. U.S. spot Ethereum ETFs recorded a net outflow of $5.97 million on June 5, while Bitcoin ETFs saw larger outflows of $326 million during the same session. ETH is currently trading near $1,560 after breaking below key support levels at $1,873 and $1,693.