Vitalik Buterin Denies Selling Ethereum for Personal Gain
Ethereum co-founder Vitalik Buterin has refuted claims suggesting that he has been offloading substantial amounts of Ether for personal profit. Buterin clarified that the sale of his ETH tokens was aimed at supporting various cryptocurrency projects and charitable causes.
Recently, on August 30, data from blockchain tracker Lookonchain revealed that Buterin transferred 800 ETH, valued at around $2 million, to a multi-signature wallet. Subsequently, the recipient address converted 190 ETH into 477,000 USDC shortly after the transfer.
In a separate transaction on August 9, Lookonchain noted that Buterin moved 3,000 ETH, equivalent to over $8 million, to the same multi-sig address. These on-chain activities have drawn attention to the Ethereum co-founder’s recent movements within the cryptocurrency space.
Following the latest transfer, a member of the crypto community accused Buterin of disregarding feedback on his ETH transfers. Conversely, another community member defended Buterin’s actions, suggesting that it would be reasonable for him to profit from reducing his ETH holdings.
Responding to the supportive post, Buterin stated that he had not sold any ETH for profit since 2018. He emphasized that all sales were directed towards supporting valuable projects within the Ethereum ecosystem and broader charitable causes, such as biomedical research and development.
The online crypto community rallied behind Buterin after his clarification, with some members encouraging him to enjoy some of his assets on luxury items.
In a Reddit post three years ago, Buterin disclosed that all his Ether holdings, totaling 11.9 million ETH at the time, originated from the pre-mine period, where he received approximately 700,000 ETH.
Pre-mining, akin to initial coin offerings (ICOs), rewards founders, developers, and early investors with a portion of the tokens before public release. According to blockchain intelligence firm Arkham, Buterin currently possesses around 240,000 ETH, valued at about $1.06 billion, which is notably less than his initial token holdings.
As of the latest update, the price of Ethereum has dipped below $2,500, marking a 1.9% decrease in the past 24 hours. Over the previous week, the altcoin’s price has fallen by more than 10%, according to CoinGecko data.
The fluctuating prices and Buterin’s transparent actions continue to draw interest and speculation within the cryptocurrency community regarding the Ethereum co-founder’s holdings and activities in the digital asset space.
