Ethereum co-founder Vitallik Buterin has transferred 800 ETH worth around $2.01 million to a multi-signature wallet today. On-chain analytics firm Lookonchain revealed this information.
After the transfer, 190 of the 800 Ethereum tokens were swapped for 477,000 USDC. This liquidation action has raised concerns about what the cofounder could be up to.
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
— Lookonchain (@lookonchain) August 30, 2024
Within two hours of Lookonchain’s post, the comment section already had more than 160 comments, with many fearing that the co-founder is selling the ETH tokens.
Lookonchain also noted that Vitalik transferred 3,000 ETH worth around $8.04 million to the same multi-signature wallet earlier in April.
Read Also: Metric That Triggered 80% Kaspa Price Surge Reemerges, But KAS Could Dip First
Selling just a little could be to avoid a major dump on the market, but many Ethereum holders will follow closely to see if this selling action will continue. If he sells all the tokens transferred to the multi-sig wallet, that would be more than $10 million in liquidated ETH tokens.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Ethereum Co-founder Vitalik Buterin Could Dump Over $10 Million in ETH – Here’s Why appeared first on CaptainAltcoin.
