The post Vitalik Buterin Moves 3,000 ETH, Crypto Community Panics appeared first on Coinpedia Fintech News
Ethereum co-founder Vitalik Buterin recently caught some allegations of dumping his ETH on the community. An on-chain data showed that Vitalik has moved another 800 ETH worth around $2.01M to a multisign wallet.He had transferred 3,000 ETH (around $8.04M) to the same wallet on August 9. This information created speculations among the community that Vitalik is selling, however, he made it clear that these claims are far from the truth.
Did Vitalik Buterin Sell for Profit?
On August 30, lookonchain, in its X post shared that Vitalin made another transfer of 800 ETH to the same multisign wallet he sent 3,000 ETH before. This caused the ETH community to panic and people started posting skepticism on X. Some users even went to say that he has started dumping his holdings for gains.
vitalik.eth(@VitalikButerin) transferred 800 $ETH($2.01M) to a multisig wallet again 40 minutes ago.The multisig wallet swapped 190 $ETH for 477K $USDC later.On Aug 9, #Vitalik also transferred 3,000 $ETH($8.04M) to this multisig wallet.https://t.co/81Vf39bvbL pic.twitter.com/6IlwtcqvPg
â Lookonchain (@lookonchain) August 30, 2024
As soon as this caught the attention of Vitalik he responded saying he has not sold any ETH for personal gains since 2018. Instead, he made all sales to support various Web3 projects within the Ethereum ecosystem or for broader charity. Buterin clearly prioritizes the crypto community, and his actions reflect his dedication rather than personal gain.
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)
â vitalik.eth (@VitalikButerin) August 31, 2024
Community Reaction: Support and Skepticism
Vitalikâs response gathered significant support from the community. Many believe that he has all the rights to sell ETH for personal gains as he has always supported the community and the whole crypto ecosystem. Some people even encouraged the Ethereum co-founder not to listen to people and get a yacht, as he deserves it. A user even shared a ten month old post by Vitalik from farcaster saying he does not have to justify himself as he has warned about such news earlier.
Whatâs Next for Ethereum and Vitalik Buterin?
While Vitalikâs responses have calmed the community, they are still worried about the consolidation state of Ethereum. As of writing, ETH is trading at $2,521 showing almost no movement. The daily trading volume of ETH has fallen by 16.18% as of the previous day. This concerns the community however, it remains optimistic about the future developments.
Looking Ahead
In conclusion, Vitalik Buterinâs recent actions reflect his unwavering dedication to supporting the growth and sustainability of the Ethereum network and beyond. His transparency and ethical stance continue to earn him respect and trust within the crypto community, even in the face of skepticism. As Ethereum navigates its next chapter, Buterinâs leadership remains a cornerstone of its journey.
