Ethereum co-founder Vitalik Buterin has reportedly sold 760 ETH, converting it into $1.835 million USDC.
According to Spot On Chain, the sales stemmed from a multi-signature address, marked by Arkham as controlled by Vitalik’s wallet, that received 3,800 ETH (roughly $9.99 million) from Vitalik’s related wallets on August 9 and 30.
The latest sale took place on September 8 at 18:07 UTC+8, with an average price of around $2,414 per ETH.
760 ETH Sell Amidst Claims Of Non-Personal Profits
Due to Buterin’s prior remarks regarding his management of ETH, this sale has drawn attention. Buterin stated in 2018 that he had not since sold ETH for profit, but had instead used it mostly for donations to charities and non-profit organisations.
He clarified that the beneficiary of the funds would frequently sell Ethereum from his wallets to pay for essential expenses.
Even with a personal net worth of more than $1 billion, Vitalik Buterin has made it clear that accumulating personal riches is not his main priority. Rather, he works in the cryptocurrency industry intending to better society and the greater ecosystem.
His charitable endeavours are widely recognised, especially after he sent over $2 million in ether, $930 million in Shiba Inu coins, and other cryptocurrencies to the CryptoRelief India Fund during the COVID-19 outbreak.
How Does ETH Price Look Now?
As of the publication of this post, the price of Ethereum is $2,298.63, up 0.06% from the previous day. Its 24-hour trading volume has increased by about 20%, indicating increased market activity.
Renowned Ethereum researcher Justin Drake, using the handle “bobthesponge1,” posted a typed “ask-me-anything” on an Ethereum subreddit. According to Drake, the EF spends approximately $100 million annually and has about a 10-year runway, depending on the price of ether (ETH), the native token of the blockchain.
Buterin’s distinct position within the crypto community is further reinforced by his ongoing involvement in philanthropy and his emphasis on leveraging technology for societal good as opposed to personal profit. However, the recent ETH sales from his accounts have rekindled discussions about his financial activities and intentions.