Amidst growing scrutiny, the Ethereum Foundation has denied involvement in a recent $12.8 million ETH sale. Co-Executive Director Hsiao-Wei Wang clarified that the transactions were not conducted by the Foundation. The foundation’s wallet, previously linked to the organization in 2017, sold off ETH and is no longer under their control. Wang confirmed this on X (formerly Twitter) stating: “It was not the Ethereum Foundation’s operation.” She further highlighted a significant reduction in the Foundation’s holdings since the 2014 ICO, which allocated nearly 9% of ETH to the foundation at that time. Today, the Foundation holds only under 0.3% of the total supply with many early-era addresses still active and independent from the organization. The Ethereum Foundation’s history of selling ETH has often sparked debate within the community, but recent months have seen a deliberate effort to reduce their influence, as witnessed by a July sale of roughly 10,000 ETH to SharpLink Gaming. This move brought SharpLink into the second-largest corporate ETH holder position. The shift is occurring amid a surge in corporate Ethereum holdings which have amassed over $14 billion in value over recent months. Co-founder Vitalik Buterin has raised concerns about heavy corporate ownership and its impact on market stability. While acknowledging potential benefits of expanding Ethereum’s reach, he cautions against leveraged positions that could trigger forced liquidations during downturns. Despite these concerns, ETH’s market performance remains strong. It trades at $4,776, up 30% in the past week and only 2.35% short of its all-time high according to CoinGecko data. More information can be found on DeFi Planet.com where you can read more news articles like this.