Ethereum Co-Founder Jeffrey Wilcke Moves $262M in ETH to Kraken in Rare Wallet Activity

Jeffrey Wilcke, one of Ethereum’s lesser-public-facing co-founders, has executed a massive crypto transfer, sending 105,736 ETH—valued at around $262 million—to a Kraken deposit address on May 20. This marks Wilcke’s largest known transaction to an exchange in over a year and nearly depletes his primary wallet, which now holds just 268.73 ETH.

On-chain analysts, including Lookonchain, reported that moments after the deposit, eight separate wallets withdrew the exact same amount—$262 million—from Kraken. This has led to speculation that Wilcke may be redistributing his ETH holdings across multiple addresses rather than preparing for liquidation.

The timing is notable: Wilcke has remained mostly inactive since his last major ETH shuffle in 2023, which involved $147 million spread across four transactions. Despite the substantial volume involved in this latest move, ETH’s market reaction has been muted, with the asset trading at $2,493—a slight 0.17% dip in 24 hours, in line with overall market conditions.

Price Momentum and Historical Transfers

ETH has shown considerable strength in recent weeks, rising 72% from early 2025 lows to a peak of $2,737 on May 13. But large movements by influential figures like Wilcke often reignite community concerns, especially given past Ethereum Foundation (EF) activity.

For instance, back in August 2024, the EF transferred $94 million worth of ETH to Kraken, triggering a wave of speculation. Both Vitalik Buterin and EF contributor Josh Stark addressed the move, clarifying that the ETH was intended to fund ecosystem development.

The Foundation continued to offload smaller amounts into early 2025, including a 300 ETH ($981,200) sale in January. These transfers sparked debate within the Ethereum community about whether such large holders should stake ETH instead of selling.

Buterin later explained that legal uncertainties and the risk of divisive upgrades made large-scale staking a less viable option for the Foundation. Still, in February, the EF shifted strategies and began exploring decentralized finance (DeFi) platforms as yield-generating alternatives.

It deposited 30,800 ETH (about $82 million) into Aave, sent 10,000 ETH to Stark, and placed 4,200 ETH in Compound. According to analyst Tom Wan, this strategy could generate a 1.5% annual yield, potentially netting around $1.5 million at current prices.

Outlook

While Wilcke’s motives remain unclear, the scale and structure of the transaction suggest strategic planning rather than panic selling. As Ethereum matures and key figures reposition assets, the network’s financial architecture continues to evolve—quietly watched by investors and developers alike.