Ethereum co-founder Vitalik Buterin has publicly denied allegations that he has been secretly selling off his personal ETH holdings for profit since 2018. In a statement on the decentralized social network Warpcast, Buterin addressed concerns about his recent crypto wallet activities, reassuring followers the transactions were primarily for charitable donations and expenses rather than financial gain.
Buterin spoke out due to growing speculation around major activity from his primary wallet. Blockchain analytics platform Spot On Chain reported over $3.9 million in ETH transfers from Buterin’s wallet in September 2023. Additional sizable deposits were also made to exchanges like Kraken and Bitstamp, raising suspicions in the crypto community.
In early October, another Buterin address transferred 1000 ETH worth $1.64 million to Bitstamp as well, likely for sale. This sparked worries that Buterin was actively dumping his ETH, potentially triggering a market sell-off or lacking long-term confidence in Ethereum.
However, evidence supports Buterin’s claims the activity was driven by donations. His affiliated charity Kanro demonstrably transferred out significant funds this month, including $500,000 USDC to oinbase">Coinbase and 14.93 million USDC to Gemini.
So while Buterin’s wallet movements seemed suspicious initially, the charitable links suggest his claims about the motivations are genuine rather than disingenuous. For now, it appears the Ethereum founder has no plans to suddenly cash out his massive crypto wealth anytime soon.
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