Ethereum’s Vitalik Buterin Moves Nearly $15 Million – Why?

Sahana Kiran
Source – Unsplash

Large transactions are a common occurrence in the world of cryptocurrencies. Nonetheless, when influential figures in the industry undertake significant financial transactions, they inevitably attract attention. To illustrate, Vitalik Buterin, one of the creators of the Ethereum [ETH] network, executed a transfer amounting to $14.9 million in USD Coin [USDC]. This transfer was specifically directed to the Gemini cryptocurrency exchange.

According to blockchain sleuth, PeckShield, Vitalik Buterin’s wallet under the name “vitalik.eth” transferred $14.93 million to Gemini on Oct. 16. The initial amount of $14.93 million in USDC was received by Buterin from Kanro, a charitable organization associated with him, on Oct. 14.

It appears that Buterin has been actively transferring substantial sums of money recently. Just a mere three days ago, the co-founder of Ethereum placed 500,000 USDC into a Coinbase account.

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Ethereum Cofounder Addresses Speculation Surrounding His Cryptic Transactions

Several speculations regarding Buterin’s latest moves began surfacing. Therefore, in an effort to address the rumors and speculations surrounding his recent activities, the Ethereum co-founder responded to the increasing concerns within the crypto community. Buterin clarified the intent behind these transactions and strongly rejected any notion that he was personally disposing of ETH. He said,

“If you see an article saying “Vitalik sends XXX ETH to exchange”, it’s not me selling, it’s almost me donating to some charity or nonprofit or other project, and the recipient selling because they have to cover expenses. I haven’t sold ETH for personal gain since 2018.”

He clarified that these transfers predominantly involved charitable donations aimed at various organizations and projects, necessitating the conversion to cover operational costs. He emphasized that he had refrained from any form of “selling” of ETH for personal gain since 2018. The Ethereum founder’s message was prompted by the growing confusion within the cryptocurrency community regarding the nature of these transactions. Several incorrectly perceived them as divestments, causing a bearish sentiment in the market.

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