TheBlock
A wallet labeled "Joseph Lubin?" by Arkham Intelligence transferred 110,000 ETH — worth roughly $170.78 million — across three transactions early Saturday, depositing the funds as additional Sky (formerly MakerDAO) collateral as ETH slid below $1,600. The wallet, tagged as a Genesis Block address from Ethereum's July 2015 distribution, supplied the ETH across three Maker vaults that now hold a combined 412,430 WETH against $259.05 million in DAI debt. Liquidation prices on those vaults sit at $899, $1,020, and $1,056 per ETH, leaving the position roughly 33% above its closest threshold at ETH's current price near $1,560. Neither Lubin, founder and CEO of Consensys, nor Consensys has publicly addressed the move; Consensys declined to comment.
Why it matters
One of the three deposits — 40,000 ETH — went to the same Lubin-linked Maker wallet that onchain analytics platform Onchain Lens flagged in February, when it held 137,908 ETH against $107.77 million in DAI borrowed. That vault's collateral has now grown to 177,908 WETH, a fresh high. The source wallet had been largely dormant for three years, with its last movements being two transfers of 40,000 and 64,000 ETH — both directed to addresses that received funds again on Saturday, suggesting systematic top-ups to vaults that have been running since 2023 rather than a new position.
Market impact
ETH is down roughly 24% over the past week and 47% year-to-date, and briefly lost its place as the second-largest cryptocurrency by market cap to Tether's USDT earlier Saturday. The Lubin-linked move arrives amid a broader wave of disclosed selling by named Ethereum holders: Bankless co-founder David Hoffman publicly disclosed reducing his ETH position on May 20, and Lookonchain reported last week that an early Ethereum holder sold roughly 55,000 ETH and 9,442 wstETH — about $136 million combined at an average of $2,041 per ETH. With ETH below $1,600 and the Lubin-linked vaults still $340–$460 above their nearest liquidation lines, the top-up is defensive rather than distressed — but the optics of a co-founder moving size during a 24% weekly drawdown will read as a signal regardless.
Frequently asked questions
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Why did the Lubin-linked wallet move 110,000 ETH?
The wallet, labeled "Joseph Lubin?" by Arkham Intelligence and tagged as a Genesis Block address from Ethereum's July 2015 distribution, transferred the ETH across three transactions to deposit it as additional Sky (formerly MakerDAO) collateral on vaults holding $259.05 million in DAI debt.
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How close is the Lubin-linked DAI position to liquidation?
The three Maker vaults' liquidation prices sit at $899, $1,020, and $1,056 per ETH. With ETH trading near $1,560, the position is roughly 33% above its closest liquidation threshold.
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Has Joseph Lubin or Consensys commented on the wallet move?
Neither Lubin nor Consensys has publicly addressed the activity. Consensys declined to comment in response to a request from The Block.
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Is this a new position or a top-up to an existing one?
A top-up. The source wallet's last movements were three years ago — two transfers of 40,000 and 64,000 ETH to the same destination wallets that received funds again Saturday, pointing to systematic collateral management on vaults that have been running since 2023.
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How does this fit with other recent ETH selling?
It lands alongside disclosed selling by Bankless co-founder David Hoffman on May 20 and an early Ethereum holder who offloaded roughly $136 million in ETH and wstETH last week at an average of $2,041. ETH is down roughly 24% over the past week and 47% year-to-date.
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