Vitalik Buterin Denies Selling ETH for Personal Gain
Ethereum co-founder Vitalik Buterin has denied recent reports suggesting he has been selling Ethereum (ETH) and other cryptocurrencies for personal gain. In a statement issued on Tuesday, Buterin clarified that the recent cryptocurrency transfers from his wallets were primarily donations made to various charitable organizations, nonprofits, and projects.
Buterin’s Recent ETH Transfers Stir Controversy
The controversy goes back to December 2017, when Vitalik Buterin famously liquidated a substantial amount of cryptocurrency holdings, amounting to approximately $50 million. This move had a significant impact on the Ethereum market at the time. However, Buterin’s statement emphasizes that this was the last time he had planned to sell his crypto holdings for personal gain.
The following events come after his recent transfer of approximately $14.9 million worth of USD Coin (USDC) from his wallet, named “Vitalik.eth,” to the Gemini cryptocurrency exchange on Oct. 16, as reported by PeckShield, a blockchain analytics firm.
However, the situation surrounding the $15 million USDC transfer to Gemini has now been clarified. According to a report from TrustNodes, the USDC sent from Vitalik’s address belonged to Kanro, the biotechnology charity he founded, further reinforcing his commitment to philanthropic efforts.
In addition to the Gemini transfer, Buterin had previously transferred nearly $500,000 to Coinbase just three days before the Gemini transaction. Throughout September, the total amount transferred from Buterin’s wallets exceeded $3.9 million.
One particular transaction on Sept. 24 drew significant attention, as Buterin sent 400 ETH, equivalent to $600,000 at the time, to Coinbase. Moreover, in early October, he deposited 600 ETH, valued at approximately $1 million, into the same exchange.
Hot Take: Vitalik Buterin Remains Committed to Philanthropy
Vitalik Buterin’s recent clarification regarding the transfers from his wallets provides insight into his ongoing commitment to philanthropic endeavors. Despite rumors and speculation surrounding his cryptocurrency transactions, Buterin maintains that the transfers were primarily donations to charitable organizations, nonprofits, and projects.
While Buterin’s past liquidation of cryptocurrency holdings had a significant impact on the market, he affirms that he has not sold ETH for personal gain since 2018. The recent controversy surrounding the $15 million USDC transfer to Gemini has been resolved, with the funds belonging to Kanro, Buterin’s biotechnology charity.
With his continued involvement in philanthropy and support for various causes, Buterin showcases his dedication to making a positive impact beyond the realm of cryptocurrencies.
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