Base team members refute allegations that its collation platform Coinbase has been selling ETH

Odaily News A member of Base has refuted rumors that its collation partner Coinbase has been selling Ethereum. "Coinbase has accumulated over $300 million in Ethereum, which is more than double all of Base's Ethereum revenue since its inception," Base member Kabir.base.eth said on X Platform on Sunday. "Base and Coinbase have been holding Ethereum and publicly disclosed our long-term holdings (over 100,000 ETH, valued at over $300 million)."
Base uses off-chain custody (which is why the funds are transferred to Coinbase) and emphasizes that as an Ethereum Layer 2 solution, Base earns and spends as much as possible in Ethereum to cover Layer 1 costs and provide support. (Coindesk)