Vitalik Buterin’s ETH denial: Sales claims are surprising

Ethereum co-founder Vitalik Buterin responded to claims that he made a profit from ETH sales.

Ethereum co-founder Vitalik Buterin has denied allegations that he sold millions of dollars worth of ETH for personal gain. He stated that he only sold his Ethereum holdings to support various crypto projects and charitable initiatives. On August 30, a crypto community member on X accused Buterin of selling $2 million worth of Ethereum. Onchain analytics firm Lookonchain alleged that the same wallet address received 3,000 Ethereum on August 9.

Buterin responded to a post on August 31 regarding ETH sales. Buterin explained that he sold ETH not for profit, but to financially support various Web3 projects and charities:

“I haven’t sold since 2018 and have kept the proceeds for myself. All sales have been made to support various projects that I feel are valuable within the Ethereum ecosystem or a broader charity (e.g. biomedical R&D).”

This statement has received support from community members who have encouraged Buterin to sell ETH for profit. One X user said, “Don’t even defend this; you deserve a yacht too.” Buterin also recently defended Ethereum against claims that the blockchain “doesn’t care” about decentralized finance (DeFi)

The Ethereum co-founder’s transfers have naturally caused a stir. While some crypto investors panicked, others said that these developments do not pose any danger.