Lubin-linked wallet deposits 110,000 ETH into Maker vaults

Early on Saturday ET, a wallet labeled as linked to Ethereum co-founder Joseph Lubin transferred 110,000 ETH, roughly $171 million, in three transactions to add collateral to Maker (Sky) vaults. The transfers followed a 1 ETH transaction on Friday night that appears to have been a test.

Onchain analytics show the source wallet supplied ETH to three separate Maker vaults. The combined collateral in those vaults now totals 412,430 WETH against $259.05 million of DAI debt. One of the receiving addresses had previously been flagged and held 137,908 ETH earlier this year with about $107.8 million in DAI borrowed.

Saturday’s activity included a 40,000 ETH deposit to that flagged address, increasing its vault collateral to 177,908 WETH, a new high. Transaction history for the source wallet shows it last moved ETH about three years ago in two large transfers of 40,000 and 64,000 ETH to destination wallets that received funds again on Saturday.

Onchain records list the three vaults’ liquidation prices at $899, $1,020 and $1,056 per ETH. With ether trading near $1,560 at the time of the transfers, those positions sit roughly 33% above the closest liquidation threshold. Ether has fallen about 1.5% over the past 24 hours, roughly 24% over the past week and about 47% year-to-date.

Arkham Intelligence labels the wallet as “Joseph Lubin?” and tags it as a Genesis Block address that received ETH in Ethereum’s July 2015 distribution. Joseph Lubin is the founder and CEO of Consensys. Neither Lubin nor Consensys has commented on the wallet activity.

The transfers occurred amid broader activity by large Ethereum holders this month. Public disclosures and onchain records show other early holders have sold or reduced positions, including a disclosure of a reduced holding by a known industry figure and a sale of roughly 55,000 ETH and 9,442 wstETH earlier in the month. Consensys has been reported to be exploring a possible public listing with advisory support from investment banks. Lubin last posted publicly on X on June 5 about a token sale for a tokenized real-world asset platform and has not posted about ether or the wallet transfers since the onchain activity.