Lubin-linked wallet shifts 110,000 ETH to defend $259M DAI position

A wallet linked to Ethereum co-founder Joseph Lubin transferred 110,000 ETH, worth approximately $170.78 million, across three large transactions to three different wallets early on Saturday ET, with the funds deposited as additional Sky (formerly MakerDAO) collateral as ETH slid below $1,600, according to onchain analytics platform Onchain Lens.

The three transactions followed a 1 ETH transfer, likely a test, on Friday night. The wallet is labeled "Joseph Lubin?" by Arkham Intelligence and tagged as a Genesis Block Address that received ETH in Ethereum's July 2015 distribution. Neither Lubin, who is also founder and CEO of blockchain software company Consensys, nor Consensys has publicly addressed the wallet activity. Consensys did not immediately respond to a request for comment from The Block.

Onchain data shows the wallet supplied the ETH across three Maker vaults containing a combined 412,430 WETH in collateral against $259.05 million in DAI debt. The vaults' liquidation prices sit at $899, $1,020, and $1,056 per ETH, leaving the position roughly 33% above the closest liquidation threshold at ETH's current price near $1,560. The price of ether has fallen about 1.5% over the past 24 hours, per The Block's Ethereum Price page.

One of the destination wallets is the same Lubin-linked Maker wallet Onchain Lens flagged in February, when it held 137,908 ETH and had $107.77 million in DAI borrowed. Saturday's transfers included a 40,000 ETH deposit to that address, growing its vault collateral to 177,908 WETH, a fresh high. The source wallet was not entirely dormant before Saturday. Arkham transaction history shows it last moved ETH approximately three years ago in two transactions of 40,000 and 64,000 ETH, both directed to destination wallets that received funds again on Saturday. The Saturday transfers appear to be top-ups to Maker vaults that have been running since 2023.

Lubin last posted on X on June 5, one day before the transfers, about the token sale of tokenized real-world asset platform STRATO, calling it "a strong start." He has not posted about ETH, Sky, or wallet activity since — a notably quiet response to a nine-figure collateral top-up.

ETH is down approximately 24% over the past week and 47% year-to-date, trading near $1,560 at press time. The token briefly lost its position as the second-largest cryptocurrency by market capitalization to Tether's USDT earlier Saturday.

The Lubin-linked move comes amid a broader wave of selling disclosures from prominent 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 approximately 55,000 ETH and 9,442 wstETH worth a combined $136 million at an average price of $2,041 per ETH.

Consensys, which Lubin founded in 2014, is reportedly pursuing a potential public listing with JPMorgan and Goldman Sachs.

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