Vitalik Buterin: I Haven’t “Sold” ETH for Personal Gain Since 2018

Vitalik Buterin

Vitalik Buterin, the co-founder of the Ethereum blockchain, has come out to address the growing concerns and speculations surrounding his recent Ethereum (ETH) transfers.

Vitalik Buterin Clarifies ETH Transfers

In a recent Warpcast post, Buterin denied reports of him liquidating his ETH holdings for personal gain. 

“I haven’t “sold” ETH for personal gain since 2018,” he wrote.

He explained that his recent ETH transfers are mostly donations made to charities, nonprofit organizations, or other projects selling the ETH to cover their expenses.

“If you see an article saying “Vitalik sends XXX ETH to [exchange]”, it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses,” he said.

His statement comes in response to speculations surrounding his transfers to multiple cryptocurrency exchanges in recent months. Many speculated that the transfers were a sell-off as the crypto market has faced heightened selling pressure recently.

Buterin’s ETH Transfers

On-chain data revealed that on September 25, an address linked to Buterin transferred 400 ETH (worth approximately $600,000 at the time) to Coinbase. The transfer followed the movement of thousands of dollars worth of ETH to multiple exchanges and unknown addresses over seven days.

Recently, PeckShield reported that Buterin transferred around $14.93 million worth of USDC from his wallet to the Gemini exchange on October 16. However, it was later clarified that the fund belonged to Kanro, a biotechnology charity funded by Crypto Relief led by Polygon co-founder Sandeep Nailwal and Vitalik himself. The address had also transferred $500,000 to Coinbase on October 14. Since September, nearly $4 million worth of cryptocurrencies have been transferred from Buterin’s wallets.

Meanwhile, data from blockchain analytics platform Arkham Intelligence indicate that Buterin is still an Ethereum whale, holding 246,785 ETH worth approximately $390 million.

Ethereum is currently trading at $1,579, representing a slight 0.02% drop in the last 24 hours, according to CoinStats.

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