Vitalik Buterin, the creator of Ethereum, has once again fired back at the people claiming he’s cashing out his ETH holdings for profit. Vitalik said:
“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.”
This statement came after a Twitter user accused Vitalik of “talking about random technical stuff” while dodging questions about selling ETH.
Ansem, a well-known crypto influencer, jumped in on the conversation, asking why people are so obsessed with whether founders sell their coins. His words were:
“Bro, he created the 2nd most important project in crypto’s history. I think it’s ok for him to take some profit.”
The debate comes amid discussions about the Ethereum Foundation’s actions. Recently, the Foundation made headlines after selling off $100 million worth of ETH. This surprised many and led to speculation about the reasons behind such a huge sell-off. Moreover, the Foundation managed to secure $8.4 million in the second quarter alone.
On that, Vitalik said:
“This is a good post to poke through if you want more details on the kinds of things that EF spends money on.”
According to him, a good chunk of this cash—$8.4 million—was directed to grants in Q2. The goal was to fund new initiatives and projects within the Ethereum ecosystem. But not everyone in the community is convinced. Especially after the aforementioned sell-off.
Grants that secured funding last quarter are in the spotlight 🎯 Check out our Allocation Update: Q2 2024 blog post for the full rundown! https://t.co/ipKbstK4mE
— EF Ecosystem Support Program (@EF_ESP) August 30, 2024
Over the years, Vitalik’s been a lightning rod for controversies in the crypto community. One big issue was his warning against supporting political candidates solely based on their pro-crypto stance.
Vitalik argued that focusing just on crypto could undermine broader values like decentralization and individual freedom. This didn’t sit well with some in the community, like Charles Hoskinson, an RFK Jr. supporter and fellow Ethereum creator who pushed for single-issue voting based on crypto support.
Another cause of controversy is Vitalik’s take on DeFi. Just this month, he said that DeFi, while important, is limited in its potential to drive the next big wave of crypto adoption.
This didn’t go down well with many in the DeFi community who felt their contributions to Ethereum’s growth were being overlooked. They argued that DeFi had been a significant driver of Ethereum’s value and user engagement.
Charles Hoskinson
Vitalik’s comments on airdrops also caused controversies. He proposed a new approach aimed at fairness and reducing scams, suggesting blockchain-based identity systems. Some saw this as a necessary move to clean up the space, but others called it impractical and overly complex.
Adding fuel to the fire, Vitalik has faced criticism for his interactions with authoritarian governments interested in crypto. He’s warned about the risks of supporting “pro-crypto” politicians who also back oppressive measures.
He’s also been vocal about the dangers of centralization in the crypto ecosystem. His criticisms of various projects’ governance structures haven’t always been well-received. Some see his comments as undermining their efforts, leading to friction within the community.
