Is Vitalik Buterin Selling Ethereum (ETH)?

Ethereum co-founder, Vitalik Buterin, has denied selling any Ethereum (ETH) for personal gain since 2018. In a Tuesday statement made on the decentralized social network Warpcast, Buterin addressed concerns about his recent cryptocurrency wallet activities, assuring his followers that the transactions were primarily related to charitable donations and covering expenses rather than personal profit.

“Regular reminder: 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. I haven’t “sold” ETH for personal gain since 2018,” said Buterin.

Vitalik’s Wallet Movements

Buterin’s statement came as a response to growing speculation and concerns regarding his wallet’s significant activity, which had drawn attention for various large-scale transactions involving ETH. Just recently, Blockchain analytics platform Spot On Chain reported that Buterin’s wallet had been involved in a series of transactions throughout September 2023, amounting to over $3.9 million.

Additional deposits were made to Kraken, Bitstamp, and Paxos during the same period, further raising eyebrows in the crypto community. 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. It’s worth noting that these transactions weren’t isolated incidents. Earlier this month, an address linked to Buterin, transferred 1,000 ETH tokens equivalent to around $1.64 million to Bitstamp, potentially for sale.

That said, the crypto community has been increasingly concerned about these transactions, fearing they might trigger a market sell-off. Some are worried that Vitalik Buterin’s active selling indicates a lack of confidence in the Ethereum network, potentially undermining its credibility or raising suspicions of a rug pull.

Charity Links

However, to support Buterins Tuesday claims, Kanro, a charity affiliated with Buterin, has been actively involved in transferring funds. Kanro, which focuses on researching global solutions to epidemics, received $100 funding from Crypto Relief earlier this year, led by Polygon founder Sandeep, and Vitalik himself.

This month, Kanro moved a total of 15.43 million USDC to a multi-signature wallet. This included 500,000 USDC transferred to Coinbase on October 14 and a significant 14.93 million USDC sent to Gemini on October 16.

Newton Mbogo is a crypto and DeFi specialist. He has a B.A Hons in Law from Kabarak University, where he studied complex economic, legal, and ethical theory relevant to the FinTech landscape. Newton has a particular interest in decentralization and privacy blockchains, as they directly relate to our human rights and flourishing.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.