A wallet linked to Ethereum co-founder Joseph Lubin moved 110,000 ETH worth approximately $170 million on Saturday after years of limited activity. The wallet transferred the ETH across three large transactions to three different wallets early Saturday ET, following a 1 ETH test transaction on Friday night. Onchain data shows the ETH was added to three Sky vaults, formerly MakerDAO vaults, that now contain a combined 412,430 WETH in collateral against $259.05 million in DAI debt. The move came as ether traded near $1,560, down roughly 24% over the past week and about 47% year-to-date.
Lubin-Linked Wallet Deposits 110,000 ETH to Sky Vaults
The wallet transferred the ETH in three separate transactions early Saturday ET. One destination address received a 40,000 ETH deposit, lifting its vault collateral to 177,908 WETH. This address is the same Lubin-linked Maker wallet previously flagged in February, when it held 137,908 ETH and had $107.77 million in DAI borrowed.
The source wallet had not been completely inactive before Saturday's transfers. Transaction records show it last moved ETH about three years ago in two transfers of 40,000 ETH and 64,000 ETH. Both went to destination wallets that received funds again on Saturday, indicating the latest transactions were top-ups to vaults active since 2023.
Onchain analysts described the move as defensive collateral management rather than a sale, because the ETH was posted into lending vaults instead of being transferred to exchanges or liquidated into the market.
Sky Vaults Maintain Liquidation Cushion Above $899 Threshold
The three vaults carry liquidation prices of $899, $1,020, and $1,056 per ETH. With ether near $1,560, the position remains about 33% above the closest liquidation threshold. By adding 110,000 ETH, the wallet increased the amount of collateral backing the DAI debt and lowered the immediate risk of forced liquidation.
Sky's vault design allows users to borrow DAI against crypto collateral, but liquidation risk rises when collateral prices fall. If ETH were to decline toward the vault liquidation levels, automated liquidation mechanisms could force collateral sales.
ETH Market Sentiment Reflects Year-to-Date Decline of 47%
Large wallet movements tied to early Ethereum addresses often attract attention because they can be interpreted as potential selling pressure. In this case, the ETH was supplied to lending vaults as collateral, not sent to exchange wallets. That distinction reduces the immediate concern that the transaction reflects spot selling.
Bankless co-founder David Hoffman publicly disclosed reducing his ETH position on May 20. Separately, onchain trackers reported that an early Ethereum holder sold roughly 55,000 ETH and 9,442 wstETH worth a combined $136 million at an average price of $2,041 per ETH. Those disclosures have made the market more sensitive to any movement from old or high-profile Ethereum-linked wallets.
DeFi Lending Exposure Reaches 412,430 WETH in Collateral
A single group of vaults now holds more than 412,000 WETH against $259.05 million in DAI debt. Positions of that size can matter not only for the borrower, but also for protocol risk management and broader market confidence.
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. Lubin, who is also founder and CEO of Consensys, last posted on X on June 5 about the token sale of tokenized real-world asset platform STRATO, calling it "a strong start." He has not posted about ETH, Sky, or the wallet movement since.
FAQ
What did the Lubin-linked wallet do on Saturday?
A wallet linked to Ethereum co-founder Joseph Lubin moved 110,000 ETH worth approximately $170 million on Saturday after years of limited activity, transferring the funds across three large transactions to three different wallets early Saturday ET. The ETH was added to three Sky vaults as collateral against $259.05 million in DAI debt.
Why did the wallet move 110,000 ETH to Sky vaults?
The ETH was supplied as additional collateral to Sky vaults as ether traded near $1,560, down roughly 24% over the past week. By adding 110,000 ETH, the wallet increased the amount of collateral backing the DAI debt and lowered the immediate risk of forced liquidation, with the three vaults carrying liquidation prices of $899, $1,020, and $1,056 per ETH.
How much collateral do the Sky vaults now hold?
The three Sky vaults now contain a combined 412,430 WETH in collateral against $259.05 million in DAI debt. One destination address received a 40,000 ETH deposit on Saturday, lifting its vault collateral to 177,908 WETH, a new high for that vault.
