Ethereum founder Vitalik Buterin and the Ethereum Foundation (EF) have been criticized by the community for allegedly selling their holdings and dragging ETH prices down. On Friday, Buterin sold over $2 million worth of ETH, which didn’t sit well with some ETH holders and traders.
One such critic, crypto trader CoinMamba, castigated the founder for selling his holdings just days after bull posting that “Ethereum is good.” This, while he avoided addressing the community about it.
Ethereum’s founder, however, defended himself against the criticism, stating that his ETH sales are only for valuable projects.
According to Arkham data, Buterin held about 240k ETH, at the time of writing – Worth about $600 million. The founder reportedly disclosed that he received about 700k ETH from pre-mine three years ago.
Given his current 240k ETH balance, the community is speculating that Buterin sold a considerable chunk and continues to do so. By doing so, they claim he’s denting ETH’s value and its sentiment.
For his part, crypto analyst Ansem defended Buterin’s sell-off and claimed that he should take some profit.
That being said, the Ethereum Foundation recently disclosed its expenditure report after facing similar criticism for selling 35k ETH. Some thought leaders soon after also called for its dissolution.
The aforementioned clarifications could help fight the FUD (fear, uncertainty, and disinformation) that has weighed on the altcoin’s sentiment lately.
At the time of writing, ETH was trading near $2.5k, a level it has consolidated around for four days. This, after retracing from its recent high of $2.8k on the charts.
