Vitalik Buterin linked wallet dumps $2.2m in ETH in 12 days

As a seasoned analyst with years of experience in the ever-evolving crypto market, I find myself intrigued by this latest development involving Vitalik Buterin and the Ethereum Foundation. While it is important to separate fact from speculation, the timing and volume of these transactions certainly raise eyebrows.


A wallet that was given 3800 Ether by Vitalik Buterin in August has, in recent weeks, offloaded approximately 950 Ether.

As reported by Lookonchain, a wallet that got nearly $9.8 million worth of Ether from Ethereum co-creator Vitalik Buterin, subsequently sold 190 ETH for approximately $441,971 in USDC on September 11th.

First, Buterin transferred a total of 3,800 Ether to the wallet last month, dividing it into two transactions: 3,000 Ether on August 9th and an additional 800 Ether on August 30th. Soon after, the wallet sold 760 Ether for approximately 1.835 million USDC at an average price of around $2,414 per Ether. After this, more sales followed.

At the time of writing the wallet had sold 950 ETH since Aug. 30, for roughly $2.28 million.

The transfers sparked accusations that Buterin was selling ETH for profits, but he recently denied these claims, stating the funds were intended for supporting ecosystem development and philanthropic efforts.

Buterin stated in a recent post that all sales were aimed at funding diverse initiatives he considers worthwhile, whether they’re part of the Ethereum network or charitable organizations at large.

However, he did not clarify who was the recipient of his latest transfer.

In recent months, the organization responsible for Ethereum’s development, known as the Ethereum Foundation, has carried out some significant financial transactions related to the Ethereum blockchain.

According to crypto.news’ earlier report, the foundation recently traded 450 Ether for approximately 1.029 million DAI on September 9th, adding to their total Ethereum sales this year which now stands at 3066 ETH. Though the Ethereum Foundation hasn’t publicly explained the reasons behind these recent Ether transactions, it is believed that they were made to cover the foundation’s operational costs.

Over the last month, I’ve observed a noticeable dip in the value of Ethereum (ETH), as its price has dropped by approximately 13%. This decline seems to be largely influenced by recent market trends.

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2024-09-11 15:24