Ethereum Foundation Defends Its Role Amid Criticism from Crypto Community
Blockchain researcher defends Ethereum Foundation, says it’s ‘exactly’ doing its job

Image: Cointelegraph
William Mougayar, a blockchain researcher, defends the Ethereum Foundation (EF) amid criticism over its ETH sales and perceived lack of market engagement. He argues that the EF is fulfilling its role by decentralizing Ethereum and funding essential research, despite ETH's current price challenges.
- 01The Ethereum Foundation is accused of harming ETH's price through sales and unstaking activities.
- 02William Mougayar claims the EF is on a 'subtraction path,' aiming to reduce its central role in Ethereum.
- 03ETH is currently trading at $2,117.09, down over 57% from its all-time high of $4,953 in August 2022.
- 04The EF has sold approximately $47 million worth of ETH to BitMine Immersion Technologies in recent transactions.
- 05Mougayar compares the EF's role to that of the IETF, suggesting it should not engage in marketing ETH.
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William Mougayar, a blockchain researcher, has come to the defense of the Ethereum Foundation (EF) amidst growing criticism from the cryptocurrency community. Critics have pointed to recent ETH sales and unstaking activities as detrimental to ETH's price performance. Mougayar argues that the EF is not only fulfilling its mandate but is also intentionally working to decentralize Ethereum over time. He describes the foundation's efforts as a 'subtraction path,' emphasizing that it is focused on hardening the protocol and funding crucial research that is often overlooked by others in the industry. Currently, ETH is trading at $2,117.09, reflecting a 4.67% increase over the past day, but it remains down more than 57% from its all-time high of $4,953 recorded in August 2022. Recently, the EF completed its third over-the-counter (OTC) sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH for approximately $22.9 million. This sale is part of a broader strategy, as the EF has recently unstaked 17,035 ETH worth around $40 million and another 21,270 ETH from Lido, valued at nearly $50 million.
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