Ethereum co-founder Vitalik Buterin recently faced allegations that he was dumping his ETH on the community. On-chain data showed that Vitalik moved an additional 800 ETH worth approximately $2.01M to a multisign wallet. He had also moved 3,000 ETH (approximately $8.04M) to the same wallet on August 9th. This information led to speculation in the community that Vitalik was selling, but he made it clear that these claims are far from the truth.
Did Vitalik Buterin sell for profit?
On August 30th, lookonchain shared in his X post that Vitalin had transferred another 800 ETH to the same multisign wallet where he had previously sent 3000 ETH. This caused the ETH community to panic and people started to react skeptically towards X. Some users even said that he was dumping his holdings for profits.
Once this came to Vitalik’s attention, he responded by saying that he hasn’t sold ETH for personal gain since 2018. Instead, he’s done all of his selling to support various Web3 projects within the Ethereum ecosystem or for broader charity. Buterin clearly prioritizes the crypto community and his actions reflect his dedication rather than personal gain.
Community response: support and skepticism
Vitalik’s response received considerable support from the community. Many believe that he has every right to sell ETH for personal gain, as he has always supported the community and the entire crypto ecosystem. Some even encouraged the Ethereum co-founder to not listen to people and buy a yacht, because he deserves it. One user even shared a 10-month-old post of Vitalik from farcaster, in which he said that he doesn’t need to justify himself, as he had warned about such news before.
What’s Next for Ethereum and Vitalik Buterin?
While Vitalik’s comments have calmed the community down, they are still concerned about Ethereum’s consolidation status. At the time of writing, ETH is trading at $2,521 and is barely moving. ETH’s daily trading volume has dropped by 16.18% from the previous day. This has the community concerned, but they remain optimistic about the future developments.
Looking ahead
In conclusion, Vitalik Buterin’s recent actions reflect his unwavering commitment to supporting the growth and sustainability of the Ethereum network and beyond. His transparency and ethical stance continue to earn him respect and trust within the crypto community, even in the face of skepticism. As Ethereum navigates its next chapter, Buterin’s leadership will remain a cornerstone of its journey.
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