As a seasoned crypto investor with over a decade of experience under my belt, I find it intriguing to see the activities of key figures like Vitalik Buterin. His latest moves with Ethereum have certainly sparked discussions within the community.
As an analyst, I’d like to clarify a recent matter concerning Ethereum co-founder Vitalik Buterin. Contrary to certain claims, Vitalik has refuted allegations that he’s been offloading substantial Ether holdings for personal benefit. Instead, he stated that the ETH tokens he’s sold were used to back several cryptocurrency initiatives and philanthropic ventures.
Here’s Why The Ethereum Founder Moved $2 Million In ETH
Last Friday, August 30, data tracker Lookonchain disclosed that Vitalik Buterin moved approximately $2 million worth of Ether (800 ETH) to a multi-signature wallet. Shortly following this transfer, the recipient address exchanged around 190 ETH for nearly half a million US Dollar Coin (477,000 USDC).
In a recent post about the X platform, it was pointed out that Buterin transferred approximately 3,000 ETH, which is worth over $8 million, to a shared wallet (multi-sig address) on August 9th. This level of activity on the Ethereum blockchain from its co-founder has been quite noticeable in recent weeks.
This latest transfer prompted a crypto community member on X to accuse Buterin of ignoring the commentary on his recent ETH transfers. Then another crypto community replied, saying that it wouldn’t be wrong of the Ethereum co-founder to take some profit by shaving his ETH holdings.
In response to the positive post about him on platform X, Buterin stated that he had not sold any ETH for a profit. To put it in his own words, he declared that he hadn’t cashed out any Ethereum earnings.
Since 2018, I haven’t retained any profits from my sales. Instead, these funds have been channeled towards diverse projects that I consider worthwhile. These projects could be related to the Ethereum community or they might focus on broader charitable causes such as biomedical research and development.
After this disclosure, Buterin found even more backing from the online cryptocurrency community, with certain members urging Ethereum’s co-founder to splurge some of his holdings on high-end indulgences.
How Much Ether Does Buterin Own?
3 years ago on Reddit, Vitalik Buterin publicly shared that every Ethereum token he possesses (approximately 11.9 million ETH at that time) was mined during the pre-launch phase, and he received roughly 700,000 ETH from this period.
As a researcher, I find it insightful to draw a comparison between the concept of pre-mining and Initial Coin Offerings (ICOs). In this context, pre-mining is similar to how founders, developers, and early supporters receive a share of the digital tokens, in the form of a percentage, prior to the public launch.
As per blockchain analytics company Arkham’s latest findings, Vitalik Buterin currently owns approximately 240,000 Ether, which equates to a staggering $1.06 billion in value. This amount is roughly 423,000 Ether fewer than the initial Ethereum tokens that he was allocated as one of the co-founders.
Currently, the cost of Ethereum has dropped under $2,500, representing a 1.9% decrease over the last day. To add, the value of this cryptocurrency has fallen by over 10% in the past week, as indicated by data from CoinGecko.
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2024-09-01 16:11