Ethereum Founder Vitalik Buterin Refutes Claims Of Selling Ether For Profit

Ethereum co-founder Vitalik Buterin has denied allegations that he has been promoting vital quantities of Ether for private acquire. Buterin claimed to have bought his ETH tokens to help varied 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 (value 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 publish 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 prior to now few weeks.

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

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

I haven’t bought and saved the proceeds since 2018. All gross sales have been to help varied initiatives that I believe are invaluable, both inside the Ethereum ecosystem or broader charity (e.g. biomedical R&D).

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

How A lot Ether Does Buterin Personal?

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

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

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

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

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