Overview
- A wallet tied to Ethereum co-founder Joseph Lubin, inactive for more than three years, moved large ETH balances in three transactions on Saturday, June 6, 2026, reported as roughly 40,000, 40,000 and 30,000 ETH.
- Analysts and on-chain trackers show the moved ETH was supplied into three Sky vaults (formerly MakerDAO) to shore up collateral for about $259 million in DAI debt and reduce the immediate risk of automated liquidation.
- Different analytics firms reported varying totals for the outflow — 80,001 ETH, 110,000 ETH and as much as ~120,000 ETH — and the source wallet still retained a substantial balance after the transfers.
- The deposits came when ether traded near $1,540–$1,586 and followed heavy long liquidations that drained hundreds of millions in leverage, which amplified market anxiety over founder-level on-chain flows.
- No public comment came from Joseph Lubin or Consensys, and the episode highlights how founder-held balances and large DeFi loans can create second-order risks that traders should watch at Sky’s liquidation price points.