Ethereum Founder Vitalik Buterin Refutes Claims Of Selling Ether For Profit

Ethereum co-founder Vitalik Buterin has denied allegations that he has been promoting important quantities of Ether for private achieve. Buterin claimed to have bought his ETH tokens to assist numerous cryptocurrency initiatives and different charitable endeavors.

Right here’s Why The Ethereum Founder Moved $2 Million In ETH

On Friday, August 30, blockchain knowledge tracker Lookonchain revealed that Buterin transferred 800 ETH (price about $2 million) to a multi-signature (multi-sig) pockets. This recipient tackle then swapped 190 ETH for 477,000 USDC shortly after.

Within the put up on the X platform, Lookonchain additionally famous that Buterin had moved 3,000 ETH (equal to greater than $8 million) to the identical multi-sig tackle on August 9. Such has been the extent of on-chain exercise noticed from the Ethereum co-founder previously few weeks.

This newest switch prompted a crypto group member on X to accuse Buterin of ignoring the commentary on his current ETH transfers. Then one other crypto group replied, saying that it wouldn’t be flawed of the Ethereum co-founder to take some revenue by shaving his ETH holdings.

Nonetheless, Buterin responded to this supportive put up on X, claiming to not have bought any ETH for revenue. The crypto founder stated:

I haven’t bought and stored the proceeds since 2018. All gross sales have been to assist numerous initiatives that I feel are helpful, both inside the Ethereum ecosystem or broader charity (e.g. biomedical R&D).

Buterin acquired even larger assist from the net crypto group following this revelation, with some members encouraging the Ethereum co-founder to spend a few of his property on luxurious.

How A lot Ether Does Buterin Personal?

In a Reddit put up three years in the past, Buterin disclosed that each one the Ether tokens he owns (11.9 million ETH on the time) come from the pre-mine interval, of which he acquired about 700,000 ETH.

Buterin’s interplay with a Reddit person | Supply: Reddit

For context, pre-mining might be likened to preliminary coin choices (ICOs), the place founders, builders, and early buyers are rewarded with a share of the tokens.

In accordance with blockchain intelligence agency Arkham, Buterin at the moment holds about 240,000 ETH (price about $1.06 billion). This present determine is round 423,000 ETH lower than the preliminary tokens acquired by the Ethereum co-founder.

As of this writing, the value of Ethereum has slumped under $2,500, reflecting a 1.9% decline within the final 24 hours. In the meantime, the altcoin’s value is down by greater than 10% previously week, in line with knowledge from CoinGecko.