Ethereum co-founder sends $157 million in ETH to Kraken

On Saturday, a wallet associated with Jeffrey Welk, one of the co-founders of Ethereum, transferred approximately 79,358 ETH (worth approximately $157 million) to the Kraken platform, according to data monitored by blockchain analyst @ai_9684xtpa.

The move comes about eight months after the last major change to the wallet, when Wilk transferred nearly $41 million worth of ETH.

Lookonchain data shows that he held approximately 95,897 ETH at the time.

Wilke joined the Ethereum team in late 2013 and is best known for developing Geth, the most widely used client for running nodes on the Ethereum network.

He continued to contribute to network infrastructure until around 2018, before entering the gaming field through the “Grid Games” project.

At the beginning of the project, Wilke received approximately 463,000 ETH as a co-founder, and he has sold part of his shares from time to time in the past few years.

Ethereum prices are currently trading around $2,000, up about 1% this week, but still down about 60% from the all-time high of nearly $4,900 set in August last year.

Large portfolio moves related to prominent figures in the industry tend to trigger strong market reactions, and traders monitor such moves for the possibility that they may signal a potential sell-off.

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