Vitalik Buterin clarifies that he has not sold ETH since 2018

Vitalik Buterin 3
  • Buterin provides clarification on recent movements in his wallets
  • He reveals that he frequently donates to charities
  • He expressed no intention of selling his ETH stash and said he hadn’t done so in a long time.

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Ethereum creator Vitalik Buterin has reached out to provide clarity on recent movements in his wallets.

In an attempt to dispel the wave of rumors and speculation surrounding his alleged sales of Ether (ETH) and other cryptocurrencies, Buterin took to social media to address the concerns of many in the community.

In a post on Warpcast, the developer clarified the nature of the transactions and stated that any reports indicating his personal sale of ETH were misleading. He clarified that these transfers were primarily charitable donations made to organizations and projects, which required liquidation to cover operating expenses.

Common reminder: If you see an article that says “Vitalik sends XXX ETH to [exchange]”, it’s not actually me selling, it’s almost always me donating to some charity or non-profit or other project, and the recipient selling because Well, they have to cover expenses.

Additionally, he assured the community that he had not sold his holdings for personal gain for at least five years. I have not “sold” ETH for personal gain since 2018,” she added.

Sales speculation

Buterin’s statement comes in response to multiple reports that have circulated in the digital asset space in recent weeks, claiming that the founder has been dumping millions of dollars worth of ETH and other cryptocurrencies on exchanges. Movements towards exchanges are commonly interpreted as selling intentions.

The most recent rumor emerged this week when reports circulated that one of Buterin’s wallets identified as “Vitalik.eth” had sent $15 million in USDC to the Gemini exchange. 

However, the Ethereum Foundation clarified this information shortly after, revealing that it was a transaction directed to Kanro, a charity closely affiliated with Vitalik Buterin, as Cointelegraph reported. The information is in line with his statement about his commitment to philanthropic initiatives.

Buterin’s movements generate anxiety

However, the movement is not isolated. Just a few days earlier, the Ethereum founder reportedly moved another $500,000 worth of USDC onto the Coinbase exchange, and the total amount transferred from his wallets throughout September reportedly exceeded $3.9 million.

At the beginning of September, Buterin had also liquidated about 500 MRK tokens, MakerDAO’s native currency, which he had held for more than 24 months. At the time, the move coincided with MakerDAO co-founder Rune Christensen’s announced plans to move the protocol from Ethereum to Solana.

A few weeks ago in August, the creator of Ethereum deposited a total of 600 ETH worth just over $1 million to Coinbase.

Buterin’s moves may cause anxiety among cryptocurrency traders and enthusiasts due to the developer’s enormous influence in the industry, as well as his large fortune in digital assets. According to data from Arkham Intelligence, Buterin owns nearly $400 million in digital currencies, although much of that stash is kept in ETH.

His fortune is large enough to strongly impact the cryptocurrency market in the event of a sale; and although their movements are small, they can also be interpreted by traders as a sign of loss of support or confidence in a token in the long term, something that in its case would be important due to its high-profile position in the industry.