Ethereum co-founder Vitalik Buterin has denied recent reports suggesting he has been selling Ethereum (ETH) and other cryptocurrencies for personal gain.
In a statement issued on Tuesday, Buterin clarified that the recent cryptocurrency transfers from his wallets were primarily donations made to various charitable organizations, nonprofits, and projects.
Vitalik Buterin Denies Selling ETH for Personal Gain
Buterin’s statement came in response to multiple reports circulating in the crypto community, which claimed that he had been offloading millions of dollars worth of ETH and other crypto assets.
He took to Warpcast to clarify that he hasn’t sold ETH for personal gain since 2018 stating, “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 or nonprofit or other project, and the recipient selling because, well, they have to cover expenses. I haven’t ‘sold’ ETH for personal gain since 2018.”
The controversy goes back to December 2017, when Vitalik Buterin famously liquidated a substantial amount of cryptocurrency holdings, amounting to approximately $50 million. This move had a significant impact on the Ethereum market at the time. However, Buterin’s statement emphasizes that this was the last time he had planned to sell his crypto holdings for personal gain.
Buterin’s Recent ETH Transfers Stir Controversy
The following events come after his recent transfer of approximately $14.9 million worth of USD Coin (USDC) from his wallet, named “Vitalik.eth,” to the Gemini cryptocurrency exchange on Oct. 16, as reported by PeckShield, a blockchain analytics firm.
However, the situation surrounding the $15 million USDC transfer to Gemini has now been clarified. According to a report from TrustNodes, the USDC sent from Vitalik’s address belonged to Kanro, the biotechnology charity he founded, further reinforcing his commitment to philanthropic efforts.
In addition to the Gemini transfer, Buterin had previously transferred nearly $500,000 to Coinbase just three days before the Gemini transaction. Throughout September, the total amount transferred from Buterin’s wallets exceeded $3.9 million.
One particular transaction on Sept. 24 drew significant attention, as Buterin sent 400 ETH, equivalent to $600,000 at the time, to Coinbase. Moreover, in early October, he deposited 600 ETH, valued at approximately $1 million, into the same exchange.