Vitalik Buterin Moves Millions in ETH, Raising Community Concerns

Vitalik Buterin, the co-founder of Ethereum and a well-known figure in the crypto space, recently made some significant movements with his Ethereum (ETH) funds. Vitalik, who reportedly owns about $600 million worth of Ethereum, has transferred a large amount of ETH to another wallet.

Recent ETH Transfer by Vitalik Buterin

According to Lookonchain, on August 30, Buterin moved 800 ETH, valued at around $2.01 million, to a multi-signature wallet, which requires multiple approvals to access. He also swapped 190 ETH for 477,000 USDC, a stablecoin that matches the value of the U.S. dollar . These actions have caused quite a stir among crypto enthusiasts and have led to various speculations about his reasons.

Vitalik’s Past Statements vs. Current Actions

In the past, Buterin has mentioned that he hasn’t sold any ETH for personal profit since 2018. Instead, he said that he typically uses his ETH to donate to charities or non-profit organisations. This charitable approach has earned him respect within the crypto community. However, his recent transactions have led some to question his true intentions.

Reactions from the Crypto Community

The crypto community on X (formerly Twitter) has been actively discussing Buterin’s recent moves. One user suggested that non-profit funds might be benefiting those involved with the organisations: “But was getting a daily allowance! Rather giving themselves daily aka allowance! 🤦🏾‍♀️ all who are involved in his group!…And the non-profit goes in and back to their pockets!” .

Another user commented on Buterin’s influence, saying, “Vitalik is becoming a true CT influencer. Bullposts and then day later start selling...” This implies that some believe Buterin may be using his influence to affect market prices before making his own trades .

In response to such criticism, Vitalik said that he never sold his holdings for personal benefit. All his ETH sales were part of donations or funding support for better crypto projects that were in need.

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