Ethereum Foundation-Linked Wallet Swaps 2,785 ETH for $6.42M in USDS

Sometime on Monday morning, October 26, a wallet the Ethereum Foundation has used for years reached into its holdings and sent 2,785 ETH into CoW Swap, coming out the other side with roughly $6.42 million in USDS. The transaction — spotted first by the on-chain monitoring account Onchain Lens — landed on a morning when Ethereum was still trying to defend a line it has spent much of October circling: $2,300. The mechanics are simple enough to miss. The address 0x5CBC6299faB3320E7758ac97fd4CA45E5B722059 swapped 2,785 ETH for USDS, the dollar-pegged stablecoin issued by Sky, the protocol formerly known as MakerDAO.