ETH Foundation Under Investigation By “State Authorities”

The Ethereum Foundation is under investigation by an “unknown state authority.”

The Ethereum Foundation, which is a Swiss non-profit that is an essential part of the Ethereum Ecosystem, posted on its GitHub repository that  they “have received a voluntary inquiry from a state authority that included a requirement for confidentiality.”

Details regarding the nature of the investigation have been withheld from the public.

Previously, the Ethereum Foundation posted on its site that “Ethereum will publicly disclose any sort of inquiry from government agencies that falls outside the scope of regular business operations.”

JUST IN: Ethereum Foundation under investigation by State Authority, CoinDesk reports.

— Watcher.Guru (@WatcherGuru) March 20, 2024

Here’s what CoinDesk reported:

The Ethereum Foundation – the Swiss non-profit organization at the heart of the Ethereum ecosystem – is under investigation by an unnamed “state authority,” according to the group’s website’s GitHub repository.

The scope of the investigation and its focus was unknown at press time. According to the GitHub commit dated Feb. 26, 2024, “we have received a voluntary enquiry from a state authority that included a requirement for confidentiality.”

The investigation comes during a time of change for Ethereum’s technology. Ethereum is the second-largest blockchain by market cap after Bitcoin, launching in 2015 following an initial coin offering for the chain’s native ETH token. Earlier this month, the chain underwent a major technical upgrade, dubbed Dencun, designed to bring down transaction costs for users of Ethereum-based layer-2 platforms.

Meanwhile, in the U.S., investors await an outcome on the prospects of an Ether ETF, which faces a final deadline in late May for some applications.

“The Ethereum Foundation (Stiftung Ethereum) has never been contacted by any agency anywhere in the world in a way which requires that contact not to be disclosed. Stiftung Ethereum will publicly disclose any sort of inquiry from government agencies that falls outside the scope of regular business operations.”

🚨 BREAKING: @ethereum Foundation is under investigation by ‘State Authority’ 😱 pic.twitter.com/C8DBSJlXf1

— FOMO (@magFOMO) March 20, 2024

Per Watcher Guru:

The Ethereum Foundation is under investigation by unnamed state authorities, according to a CoinDesk report. Indeed the non-profit organization that is based in Switzerland supports the Ethereum ecosystem and has been subject to an investigation based on a GitHub commit.

Specifically, the group announced they have “received an inquiry from a state authority that included a requirement for confidentiality.” To this point, the details regarding the investigation are scarce with little information on its purpose or overall breadth.

One of the most prominent networks within the digital asset industry has been Ethereum. The second largest cryptocurrency by market cap, ETH has become stable within the market as a whole. Now, a report indicates that the ecosystems nonprofit organization is the subject of government-related inquiry.

The Ethereum Foundation is under investigation by a State Authority according to a new CoinDesk report. Indeed, the group had reportedly identified the investigation in a February 26th,2024 GitHub commit. However, they have not released a statement regarding the ongoing reports.

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