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

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.

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