Ethereum<\/a> seems to have entered the \u201cthen they fight you\u201d phase.<\/p>\n The Ethereum Foundation is under investigation by an unidentified government agency. The news was first reported by Coindesk<\/a>.<\/p>\n A Github commit<\/a> dated Feb. 26 removed a Warrant Canary \u2014 used by organizations typically wary of government surveillance to assure users there have been no secret legal requests \u2014 along with a note that read, \u201cWe have received a voluntary enquiry from a state authority that included a requirement for confidentiality.”<\/p>\n <\/p>\n <\/a><\/p>\n Legal issues aside, it has been a volatile day for Ether.<\/p>\n After dropping<\/a> to an intraday low of $3,070, it has since rebounded, changing hands for $3,250. This is in line, however, with the broader correction across crypto markets after Bitcoin soared to an all-time high of $73,000 last week.<\/p>\n The subpoena could have serious implications for the entire crypto industry, given Ethereum\u2019s dominance in the DeFi ecosystem. It also puts a dent in the Ethereum ETF application process, just as Fidelity adds staking<\/a> to their latest filing, and BlackRock tokenizes<\/a> a fund on the Ethereum blockchain.<\/p>\n While some call the developing situation a \u201cnightmare scenario,\u201d others are calling for calm.<\/p>\n![\"ETH](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F36515cf383a2082cd2e566438d469433f0edd1d1-1021x501.jpg&w=828&q=100\")