The Ethereum Foundation, at the heart of every development in the Ethereum ecosystem, was investigated. No information was given about which country and institution opened the investigation. It did not go unnoticed that The Block and Coindesk from the US media passed the news at the same time.

Although information is provided on the foundation’s GitHub page, there are no details on the subject. “We have received information that a confidential investigation has been initiated by a government official,” the page said. Since the foundation is based in Switzerland, it is assumed that the investigation was opened in this country.

How will it affect ETFs?

Ethereum, which recently completed the Dencun update that reduced transaction fees in layer 2 networks, is known as the second largest cryptocurrency network. 1.5 years ago, the ecosystem, which switched from the Proof-of-Work system to the Proof-of-Share system, was the subject of discussion in the USA with its staking model.

In the US, Ethereum ETFs are currently awaiting approval by the SEC, the country’s CMB. It is also curious how this investigation will affect Ethereum ETF applications…

“Warning Canary” declaration removed

It appears that the Ethereum Foundation removed the information/statement, also known as the “Warning Canary”, from both GitHub and its website page on 26 February. “Warning Canary”, as in its name, represents a written or visual warning, such as the appearance of a colourful bird.

Some companies or foundations also include a “Warning Canary” statement on their websites, indicating that they have not received any secret subpoenas or requests for documents from governments. If users remove this statement, they may receive a message that the company may be facing a confidential request for user data.

It appears that the Ethereum Foundation removed this “Warning Canary” statement from its website and GitHub page on 26 February, meaning that the subpoena reached the foundation in advance.