Ethereum Co-Founder Vitalik Buterin Denies Selling ETH for Profit, Clarifies Transactions Were to Support Web3 Projects and Charitable Initiatives

Ethereum co-founder Vitalik Buterin has come out to address allegations surrounding his sales of Ether (ETH), clarifying that these transactions were not

Ethereum co-founder Vitalik Buterin has responded to allegations regarding his sales of Ether (ETH), clarifying that the transactions were not motivated by personal gain but rather by a commitment to support Web3 projects and philanthropic initiatives.

Buterin has lost 85K ETH ($209M) in 3 years, according to a recent post from on-chain analytics firm Lookonchain.

3 years ago, @VitalikButerin mentioned that he held $325K in ETH ($1.46B at the time) when the price of ETH was $4,500.

Now he holds $240K in ETH ($592M).

He lost $85K ETH ($209M) in 3 years. pic.twitter.com/LG2bZcvd4A

— Lookonchain (@lookonchain) August 30, 2024

The most recent was the transfer of 800 ETH worth $2 million into a multi-signature wallet. Lookonchain highlighted that the same wallet address received 3,000 ETH from Buterin on August 9, raising concerns about Buterin’s motivations for selling.

vitalik.eth (@VitalikButerin) once again transferred $800 ETH ($2.01 million) to a multi-signature wallet 40 minutes ago.

The multi-signature wallet later exchanged $190 ETH for $477K USDC.

On August 9, #Vitalik also moved $3,000 ETH ($8.04 million) into this multi-signature wallet. https://t.co/81Vf39bvbL pic.twitter.com/6IlwtcqvPg

— Lookonchain (@lookonchain) August 30, 2024

Vitalik Buterin denies selling ETH for huge profits

Buterin has firmly denied any accusations of selling ETH for personal profit. He clarified that he has not sold any ether since 2018 for personal financial gain. Instead, he explained that his ETH was sold to support various Web3 projects and charities.

I have not sold since 2018 and retained the proceeds. All sales are to support various projects that I find valuable, whether within the Ethereum ecosystem or in the wider philanthropic sector (e.g. biomedical R&D)

— vitalik.eth (@VitalikButerin) August 31, 2024

Buterin’s statement was intended to underscore his long-standing commitment to using his resources to advance important causes rather than personal enrichment.

Supports Ethereum and DeFi

Buterin’s statement also touches on his stance on decentralized finance (DeFi) and the broader Ethereum ecosystem. He came under fire for Ethereum allegedly not adequately supporting DeFi.

Kain Warwick, the inventor of the yield farming concept, and crypto-philosopher MilliΞ criticized Buterin for not paying enough attention to DeFi.

However, Buterin defended Ethereum’s role in DeFi and his stance, saying that he thinks “DEXs are great and I use them every week.”

The kind of apps I want to see are ones that (i) are useful in a sustainable way, and (ii) don’t sacrifice principles (permissions, decentralization, etc.)

I think DEXs are great and I use them every week.

I think decentralized stablecoins…

— vitalik.eth (@VitalikButerin) August 25, 2024

Buterin’s defense reflects his commitment to ensuring that Ethereum continues to support meaningful and sustainable development within the blockchain space. He has consistently advocated for long-term value over temporary gains, insisting that the Ethereum network should continue to focus on fundamental principles rather than temporary trends.

By responding to these accusations and defending Ethereum’s role in DeFi, Buterin reiterated his commitment to his vision of a decentralized and impactful digital future.

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