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William Mougayar says critics are measuring the Ethereum Foundation by the wrong standard, claiming it was never meant to pump ETH or court institutions.
Key facts
Earlier this month, the foundation completed its third OTC sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH at an average price of $2,292, worth roughly $22.9 million
ETH is currently trading at $2,117.09, up by 4.67% over the past day
The sale also came shortly after the foundation unstaked 17,035 ETH worth around $40 million
William Mougayar says critics are measuring the Ethereum Foundation by the wrong standard, claiming it was never meant to pump ETH or court institutions
Summary
A blockchain researcher has pushed back against growing criticism of the Ethereum Foundation, arguing that the organization is doing “exactly” what it was designed to do, which the critics keep getting wrong. In a post on X titled “Leave the Foundation Alone,” William Mougayar, a Toronto-based blockchain investor, researcher and best-selling author, argued that the EF is a protocol steward, not a marketing engine. Mougayar said that ETH, Ethereum and the Ethereum Foundation are three separate entities with three separate trajectories. The post comes as the foundation has faced a wave of criticism from the crypto community in recent months.