Vitalik Buterin Admits Selling 70,000 ETH Tokens at All-Time High
A video has emerged on social media where Ethereum founder Vitalik Buterin confessed to selling 70,000 ETH tokens during the cryptocurrency’s peak price. The revelation came during a conversation with MetaMan X, a member of the crypto community, who shared the video on Twitter. Buterin admitted to shorting Ethereum when its price reached an all-time high in 2017.
Doubts About the Price Surge
In a podcast interview with hedge fund director Eric Ross Weinstein, Buterin expressed skepticism about the significant price surge of Ethereum and Bitcoin in 2017. He questioned whether the crypto market’s achievements justified the half-trillion-dollar valuation it had reached at the time.
Convincing the Ethereum Foundation
When asked if he had shorted Ethereum during its all-time high, Buterin revealed that he had convinced the Ethereum Foundation to sell a substantial amount of ETH tokens. This decision had a significant impact on the cryptocurrency later on. By selling at the top, they were able to double their runway.
Controversy Surrounding Buterin
In addition to his admission of selling ETH tokens, Buterin has recently been embroiled in controversy. Whistleblower Steven Nerayoff accused him of being involved in fraudulent activities related to Ethereum. Nerayoff alleged that corrupt SEC officials were connected to this fraud, which he claimed was on a larger scale than what happened with FTX.
Hot Take: Buterin’s Admission Sheds Light on Market Manipulation
Vitalik Buterin’s confession of selling 70,000 ETH tokens during the cryptocurrency’s peak highlights the potential for market manipulation within the crypto industry. This revelation raises questions about the influence of key figures and institutions on token prices. It also underscores the need for transparency and regulation to prevent fraudulent activities that could harm investors. The controversy surrounding Buterin further emphasizes the importance of maintaining integrity and accountability within the crypto space.
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