Lubin-Linked Wallet Adds 110,000 ETH as Collateral to Shore Up Sky Loan Position

Sky, formerly MakerDAO, is a decentralized lending protocol that issues DAI against overcollateralized crypto assets. Its vaults may be liquidated if ETH plunges and collateral ratios become insufficient. Joseph Lubin is an Ethereum co-founder, and the unwinding of a large position tied to his addresses could amplify market selling and cascading risks across DeFi.

On-chain data showed that on June 6, 2026, a wallet believed to be linked to Lubin transferred 110,000 ETH in three transactions, worth about $170.78 million at the time, into three Sky vaults as additional collateral. The vaults held a combined 412,430 WETH backing $259.05 million in DAI debt. As ETH fell below $1,600, their liquidation prices were lowered to $899–$1,056 per token.