Vitalik Buterin, co-founder of Ethereum, has been in the spotlight recently. He grabbed attention following his recent significant ETH transfers. Three years ago, Buterin revealed on Reddit that his Ethereum holdings came from the network’s 11.9 million ETH premine, of which he received approximately 700k ETH.
According to blockchain analytics firm Arkham, Buterin now holds around 240k ETH, down by 423k ETH from its peak, currently valued at approximately $1.06 billion.
Vitalik Says He Never Sold ETH for Profits
In response to public speculation regarding his ETH sales, Buterin clarified his actions. He stated, “I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity (e.g., biomedical R&D).”
Buterin has long maintained that his ETH transactions are not for personal gain. He reiterated this point on Warpcast. He said, “If you see an article saying ‘Vitalik sends XXX ETH to [exchange],’ it’s not actually me selling.
It’s almost always me donating to some charity, nonprofit, or other project, and the recipient selling because they have to cover expenses. I haven’t ‘sold’ ETH for personal gain since 2018.”
Vitalik’s Recent Activities States Otherwise
Despite these clarifications, Buterin’s recent activities have sparked questions in the crypto industry. On August 30, 2024, Lookonchain, a popular blockchain analytics account on X, reported that Buterin transferred 800 ETH, valued at $2.01 million, to a multi-sig wallet.
The wallet then exchanged 190 ETH for 477,000 USDC. This followed a previous transfer of 3,000 ETH, worth $8.04 million, to the same multi-sig wallet on August 9.
Buterin’s moves have raised questions about whether this is his strategic financial approach. While the exact motivations behind the transfers remain secret, they suggest a calculated management of his significant crypto holdings. These transactions continue to capture attention as observers keep an eye on his wallets for further developments.
Vitalik’s Support for the DeFi Industry
In response to assertions that the blockchain “doesn’t care” about decentralised finance (DeFi), Buterin has lately defended Ethereum. Yield farming pioneer Kain Warwick stated that Buterin is not a perfectionist and does not believe he is perfect, especially when it comes to his position on DeFi.
Buterin responded to a similar charge made by X user. He explained that he wanted to see apps that adhered to the two fundamental tenets of the network which are permissionlessness and decentralisation, and were both sustainable and beneficial.