Significant ETHFI Movement Raises Questions: $1.87M Deposited To Binance By Ether.fi-Linked Wallet

On-chain reports from Lookonchain have revealed a significant movement of Ether.fi tokens. A wallet linked to the Ether.fi team deposited 880,000 $ETHFI, valued at approximately $1.87 million, to Binance today.

This development has drawn attention due to the substantial amount involved and its potential implications.

Three months ago, this wallet received a hefty 10 million $ETHFI, worth $65.2 million at the time, from the Ether.fi team wallet. This transfer has sparked curiosity and speculation within the crypto community.

A wallet related to the https://t.co/Jqz8WvISH6 team deposited 880K $ETHFI($1.87M) to #Binance 10 minutes ago.

This wallet received 10M $ETHFI($65.2M) from the https://t.co/Jqz8WvISH6 team wallet 3 months ago.

Address:
0x57CC1CAE9E9567EBDBc9537536916273A2015491 pic.twitter.com/nhlp1ToRxu

— Lookonchain (@lookonchain) July 12, 2024

Mike Silagadze, CEO of Etherfi, provided some clarity on the matter. He explained that the 10 million $ETHFI was a fee paid by the foundation related to the Ether.fi token generation event (TGE) to a third party. He emphasized that these tokens are neither foundation nor team tokens, and the foundation has no context regarding the reasons behind their movement.

The 10M ETHFI was a fee paid by the foundation related to the @ether_f TGE to a third party.

These aren’t foundation or team tokens and we don’t have any context about why they’re being moved.

— Mike Silagadze