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 offered his ETH tokens to help numerous cryptocurrency tasks and different charitable endeavors. 

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

On Friday, August 30, blockchain information 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 submit 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 up 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.

Nevertheless, Buterin responded to this supportive submit on X, claiming to not have offered any ETH for revenue. The crypto founder stated:

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

Buterin obtained even better help from the web 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 submit 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 could be likened to preliminary coin choices (ICOs), the place founders, builders, and early traders are rewarded with a share of the tokens.

Based on blockchain intelligence agency Arkham, Buterin presently holds about 240,000 ETH (price 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 worth of Ethereum has slumped under $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% up to now week, in line with information from CoinGecko.

The value of ETH slips under the $2,500 mark on the day by day timeframe | Supply: ETHUSDT chart on TradingView

Featured picture from Getty Pictures/Michael Ciaglo, chart from TradingView