Ethereum's co-founder is under fire for selling millions worth of ETH. Many in the Web3 community are labeling him a scammer, but let's break down the situation.
๐๐๐ค ๐๐จ ๐๐๐ฉ๐๐ก๐๐ ๐ฝ๐ช๐ฉ๐๐ง๐๐ฃ?
Vitalik is a programmer and one of Ethereumโs co-founders. He first learned about Bitcoin from his father at 17, which shifted his focus towards cryptocurrency.
2/ ๐๐๐ง๐จ๐ฉ ๐พ๐ง๐ฎ๐ฅ๐ฉ๐ค ๐๐ฃ๐ซ๐ค๐ก๐ซ๐๐ข๐๐ฃ๐ฉ (2011)
He quickly became involved in the crypto world, co-founding Bitcoin Magazine, a publication that played a significant role in shaping discussions around digital currencies.
3/ ๐๐๐ ๐ฝ๐๐ง๐ฉ๐ ๐ค๐ ๐๐ฉ๐๐๐ง๐๐ช๐ข (2013)
Noticing Bitcoinโs limitations, Vitalik proposed Ethereumโa blockchain with smart contract capabilities through its own programming language, Solidity.
4/ ๐๐ฉ๐๐๐ง๐๐ช๐ข ๐๐พ๐ (2014)
Ethereum's Initial Coin Offering (ICO) launched on July 20, 2014, pricing ETH at $0.3 per coin. It sold 60 million ETH and raised about $18M, making it a landmark ICO at the time.
5/ ๐๐ฉ๐๐๐ง๐๐ช๐ขโ๐จ ๐๐๐ช๐ฃ๐๐ (2015)
Ethereum officially launched on July 30, 2015, with its initial release, โFrontier,โ providing the groundwork for smart contracts and decentralized applications (dApps).
6/ ๐๐๐จ ๐๐๐๐ก๐ฉ๐
Vitalik's early involvement with Ethereum brought him significant wealth, with his net worth now estimated between $530M and $600M.
7/ ๐๐๐ ๐๐๐๐๐ฃ๐ฉ ๐๐๐ฟ
Criticism started when Vitalik sold $2M worth of ETH. Some accused him of negatively impacting ETHโs price and being secretive about the sale. Vitalik responded, explaining the sales were to fund valuable projects, not for personal gain. He clarified that he wonโt be investing in other projects to avoid conflicts of interest. His sales are directed towards funding Ethereum-related initiatives and charitable causes.
The backlash against Vitalik for selling a small portion of his holdings in a token with a $270B market cap is exaggerated. Media today seems keen on discrediting major crypto figures like Durov, CZ, and now Vitalik. Be careful of the information you consume and think critically.
