Ethereum co-founder Vitalik Buterin has addressed speculation and rumors of profiting from selling millions of dollars in the ether (ETH) cryptocurrency. Buterin emphasized that he sold his ETH holdings only to support various cryptocurrency projects and charitable projects.
Buterin Has Not Sold ETH Since 2018
On August 30, an X user accused Ethereum creator Vitalik Buterin of selling over $2 million worth of Ether shortly after sharing an optimistic post. Indeed, on-chain analytics firm Lookonchain revealed that Buterin moved 800 ETH (valued at $2.01 million) to a multi-signature wallet that day. This recipient address later swapped 190 ETH for 477,000 USDC.
Lookonchain also reported that the Ethereum founder had shifted 3,000 ETH (worth $8.04 million) to the same multi-sig address on August 9. These transfers led to speculation that he has been dumping his Ether stockpile to realize profits, especially as the market’s second-largest crypto has gained over 175% since its cycle lows of $880 in 2022.
Another crypto community member suggested that Buterin deserves to make a profit off selling a chunk of his ETH tokens which he accumulated over the past seven years.
Buterin, however, maintained that he has not sold any ETH for personal profits since 2018. Instead, he has diverted the proceeds from any sales to multiple projects that he thinks are valuable, either within the “Ethereum ecosystem or broader charity.”
I haven't sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D)
— vitalik.eth (@VitalikButerin) August 31, 2024
Buterin received overwhelming support from the cryptoverse following his revelation, with some members encouraging him to spend some of his ETH assets on luxury. “Don’t even defend it; you deserve the yacht, too,” one of the X users posited.
Buterin’s ETH Stash
Vitalik disclosed around three years ago that his entire Ether stash came from the Ethereum pre-mine period. For those unaware, 11.9 million ETH tokens, representing roughly 10% of the total network supply, were generated at Genesis and reserved for early project contributors to the Ethereum network. These early contributors include Ethereum’s Buterin, who received 700,000 ETH as compensation for his work.
According to blockchain data tracker Arkham Intelligence, Buterin currently holds around 240,000 ETH (valued at around $1.06 billion) — which is 460,000 ETH less than his initial stash.
Meanwhile, many pundits are eying a potential Ether rally above the $3,000 psychological mark, but it may not happen in the near term as the ETH price languishes at the $2,470 level as of press time, reflecting a 2.3% decline on a 24-hour basis.
