Ethereum Co-founder Vitalik Buterin Denies Selling ETH for Personal Gain
Vitalik Buterin, co-founder of Ethereum, has addressed concerns about his recent cryptocurrency wallet activities. In a statement on the decentralized social network Warpcast, Buterin clarified that the transactions were primarily related to charitable donations and covering expenses rather than personal profit. He emphasized that he hasn’t sold ETH for personal gain since 2018 and that any articles claiming otherwise are likely referring to his donations to charities or nonprofit organizations.
Vitalik’s Wallet Movements Raise Concerns
Speculation and concerns have been growing regarding the significant activity in Buterin’s wallet. Spot On Chain, a blockchain analytics platform, reported multiple large-scale transactions involving ETH in September 2023, totaling over $3.9 million. Additional deposits were made to exchanges like Kraken, Bitstamp, and Paxos during the same period. Spot On Chain also identified a transfer of 2,000 ETH ($4.9 million) from another wallet associated with Buterin to the address conducting these transactions. Earlier this month, an address linked to Buterin transferred 1,000 ETH tokens (worth around $1.64 million) to Bitstamp.
Concerns About Market Sell-off and Ethereum’s Credibility
The crypto community has expressed increasing concern about these transactions potentially triggering a market sell-off. Some worry that Buterin’s active selling may indicate a lack of confidence in the Ethereum network, leading to doubts about its credibility or raising suspicions of a rug pull.
Charity Links Support Buterin’s Claims
To support Buterin’s claims regarding charitable donations, Kanro—a charity affiliated with him—has been actively transferring funds. Kanro received $100 funding from Crypto Relief earlier this year, led by Polygon founder Sandeep and Vitalik himself. This month, Kanro transferred a total of 15.43 million USDC to a multi-signature wallet, including 500,000 USDC sent to Coinbase on October 14 and 14.93 million USDC sent to Gemini on October 16.
Hot Take: Buterin Clarifies ETH Transactions for Charitable Purposes
Vitalik Buterin has responded to concerns about his recent wallet activity by clarifying that the transactions were primarily for charitable donations and expenses. He denies selling ETH for personal gain since 2018 and explains that any articles claiming otherwise are likely referring to his donations to charities or nonprofit organizations. While there have been significant movements in Buterin’s wallet, the involvement of Kanro—a charity affiliated with him—in transferring funds supports his claims. However, the crypto community remains concerned about the potential impact of these transactions on the market and Ethereum’s credibility.
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