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Joseph Lubin-linked wallet moves 110,000 ETH to Sky collateral as Ether slips below $1,600

Joseph Lubin-linked wallet moves 110,000 ETH to Sky collateral as Ether slips below $1,600

A Lubin-linked address routed 110,000 ETH worth about $171 million into three Sky, formerly MakerDAO, vaults, including a later 30,000 ETH top-up, to reduce liquidation risk amid Ether's sharp decline.

ETH
DAI
WETH

Fact Check
The Lookonchain X post (primary on-chain analytics source) explicitly states the wallet moved 80,001 ETH (~$121.6M) after 3+ years dormant with 243,300 ETH (~$370M) remaining — matching the claim exactly. Cryptopolitan and Odaily independently report the same figures and Lubin attribution. The wallet-to-Lubin link is asserted by Lookonchain (a reputable on-chain tracker) rather than confirmed by Lubin himself, which is a minor caveat, but the on-chain movement and dollar values are verifiable. Ether's roughly $1,520/coin price implied by the figures is consistent with reported market conditions.
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Summary

A wallet linked by onchain analytics firms to Ethereum co-founder Joseph Lubin moved 110,000 ETH worth about $171 million into three Sky, formerly MakerDAO, vaults, with a later 30,000 ETH deposit bringing the total collateral added to that level, according to Onchain Lens. The transfers were collateral top-ups rather than confirmed open-market sales, and were aimed at reducing liquidation risk on positions backing 259.05 million DAI in debt. The three vaults held a combined 412,430 WETH, with liquidation prices of $899, $1,020 and $1,056 per ETH, while Ether traded around $1,539 to $1,560 after a steep weekly selloff.

Terms & Concepts
  • Sky: The rebranded MakerDAO lending protocol.
  • Maker vaults: Collateralized borrowing accounts used to lock crypto assets and mint DAI.
  • DAI: A crypto-backed stablecoin issued against collateral on Sky.