Ethereum Foundation Sells 10,000 ETH for Research, Yunfeng Financial Buys 10,000 ETH for Treasury

's latest price was $, in the last 24 hours. The Ethereum Foundation has recently announced its plans to sell 10,000 ETH through centralized exchanges (CEX) in the upcoming weeks of September. This move is aimed at funding research and donation initiatives. The transfer of the 10,000 ETH to Kraken was completed within 10 minutes before the official announcement, highlighting the efficiency and preparedness of the Foundation in executing such transactions. This sale marks the Foundation's second significant ETH transaction in recent months, following a previous sale of 10,000 ETH in July to SharpLink via an over-the-counter (OTC) deal.

Yunfeng Financial Group, a Hong Kong-listed financial services firm with ties to Jack Ma, has made a strategic entry into the cryptocurrency space by purchasing 10,000 Ethereum (ETH). This acquisition is part of a broader strategy to build an ETH treasury, aligning with the growing trend of public companies adopting crypto treasury strategies. Firms like SharpLink Gaming and Bitmine have also taken similar steps, recognizing the potential of ETH in long-term balance sheet management. Yunfeng's move is particularly significant as it aims to reduce reliance on traditional currencies and support its technological expansion into Web3, real-world assets, digital currencies, and AI. The company, majority-owned by Shanghai-based Yunfeng Capital, co-founded by Ma, is pivoting towards next-generation financial infrastructure, indicating a shift in corporate finance strategies in Asia.

Ethereum's network activity has shown notable strength, with a 30% weekly surge in fees allowing it to overtake Tron as the highest-grossing network. Including layer-2 activity, Ethereum's total fees reached $16.3 million, more than double Solana's $7.9 million. This surge in fees is indicative of increased activity and adoption within the Ethereum ecosystem. In August, Ethereum DApps generated $466 million in fees, a 36% increase from the previous month. This growth contrasts with Solana DApp fees, which fell 10% over the same period, and BNB Chain, which saw a 57% contraction. Key contributors to Ethereum's fee generation include Lido, Uniswap, and Aave, highlighting the robust activity within decentralized finance (DeFi) applications on the Ethereum network.

Despite the cautious signals from derivatives markets, Ethereum's rising network activity positions it well to regain bullish momentum. The successful retrieval of funds by Venus Protocol, a BNB Chain-based crypto lending platform, after a phishing attack that resulted in the loss of $13.5 million, underscores the resilience and robust security measures within the DeFi space. The Venus Protocol team's swift and decisive action in identifying attack vectors, isolating compromised accounts, implementing countermeasures, and coordinating recovery efforts ensured a positive outcome. This incident highlights the importance of vigilance against phishing, understanding protocol security, and using hardware wallets for added protection. It also emphasizes the ongoing battle against cybercrime in the digital asset space, where protocols must continuously evolve their defenses and users must remain educated and cautious.

Looking ahead, the Venus Protocol recovery is expected to enhance security protocols, increase user education, and strengthen community trust. This experience serves as a critical learning opportunity, paving the way for more secure and resilient decentralized finance platforms. The commitment shown to user safety through this recovery is truly commendable, setting a positive precedent for the broader DeFi sector. The successful retrieval of stolen funds not only returned assets to users but also reinforced confidence in the protocol's ability to navigate and overcome severe challenges, demonstrating the critical importance of rapid response, sophisticated security measures, and unwavering dedication to user protection.