Golem clarifies: Transferring 135,000 ETH is not for selling, but for staking testing

In its recent report, decentralized computing network Golem has responded to ongoing community concerns following the transfer of over 135,000 ETH to centralized exchanges (CEXs). The batch of ETH, worth approximately $337 million, was sent to centralized exchanges such as Coinbase, Binance, and Bitfinex, and sparked initial speculation about a massive sell-off. The September 18 Golem report assured users that the transfer of 135,000 ETH was not for a sell-off, but rather for staking testing to ensure operational safety and minimize spam interference. The first ETH movement in July sparked panic throughout the Golem community, especially after Golem deposited 29,000 ETH to various CEXs in July. Fear-induced frustration began to spread on social media platforms such as the project's Discord, sparking debate among community members questioning CEXs' involvement in a separate staking process. Community members accused the team of being vague and avoiding direct answers about the movement of funds, which only got worse after the Golem team promised to respond later. In the report, Golem clarified that the movement of ETH was part of their separate staking to ensure uninterrupted and unhindered operations throughout the process. The team also noted that using a CEX allowed them to establish a “controlled environment” for the process and reduce potential “risks of external trading interference.” Despite Golem’s assurances in its latest report on September 18, the community was impressed by its lack of transparency. An X user who followed the community’s concerns reiterated the report’s clarifications, but noted that “an honest community could have avoided this from the beginning.” (Cointelegraph)