Ethereum co-founder Vitalik Buterin recently caught some allegations of dumping 3,000 of his ETH on the community.
An on-chain data showed that Vitalik has moved another 800 ETH worth around $2.01M to a multisign wallet.He had transferred 3,000 ETH (around $8.04M) to the same wallet on August 9.
This information created speculations among the community that Vitalik is selling, however, he made it clear that these claims are far from the truth.
Did Vitalik Buterin Sell for Profit?
On August 30, lookonchain, in its X post shared that Vitalin made another transfer of 800 ETH to the same multisign wallet he sent 3,000 ETH before.
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
This caused the ETH community to panic and people started posting skepticism on X. Some users even went to say that he has started dumping his holdings for gains.
As soon as this caught the attention of Vitalik he responded saying he has not sold any ETH for personal gains since 2018.
Instead, he made all sales to support various Web3 projects within the Ethereum ecosystem or for broader charity. Buterin clearly prioritizes the crypto community, and his actions reflect his dedication rather than personal gain.
what is crypto ppl’s obsession with founders never selling coins? bro he created the 2nd most important project in crypto’s history i think it’s ok for him to take some profit https://t.co/5lvC8rQET9
— Ansem
(@blknoiz06) August 30, 2024
Community Reaction: Support and Skepticism
Vitalik’s response gathered significant support from the community. Many believe that he has all the rights to sell ETH for personal gains as he has always supported the community and the whole crypto ecosystem.
Some people even encouraged the Ethereum co-founder not to listen to people and get a yacht, as he deserves it.
A user even shared a ten month old post by Vitalik from farcaster saying he does not have to justify himself as he has warned about such news earlier.
What’s Next for Ethereum and Vitalik Buterin?
While Vitalik’s responses have calmed the community, they are still worried about the consolidation state of Ethereum.
As of writing, ETH is trading at $2,521 showing almost no movement. The daily trading volume of ETH has fallen by 16.18% as of the previous day. This concerns the community however, it remains optimistic about the future developments.
In conclusion, Vitalik Buterin’s recent actions reflect his unwavering dedication to supporting the growth and sustainability of the Ethereum network and beyond.
His transparency and ethical stance continue to earn him respect and trust within the crypto community, even in the face of skepticism. As Ethereum navigates its next chapter, Buterin’s leadership remains a cornerstone of its journey.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
