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Joseph Lubin's $170M ETH 'Dump' Claim on June 5 Debunked as DeFi Collateral Move

GateNews
On-Chain Data
ETH-1.27%
According to on-chain analysis and community investigation, claims that Ethereum co-founder Vitalik Buterin dumped 110,000 ETH worth $170 million on June 5 were revealed to be false. The transaction was actually made by Joseph Lubin and involved moving ETH into a decentralized finance vault to reduce liquidation risk on an existing loan, not a market sell-off. On-chain data showed that 178,000 WETH were supplied as collateral with $103 million DAI borrowed against the position, a standard DeFi liquidity management strategy. No ETH entered the open market, and Lubin's position maintains a net value of approximately $173 million. Community members urged investors to verify transactions using on-chain tools like Etherscan before amplifying unverified co-founder dump narratives.
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