Vitalik Buterin Sent 600 Ethereum (ETH) Worth Over $1,000,000 to Coinbase

Vitalik Buterin, the creator of Ethereum (ETH), has reportedly transferred a substantial amount of ETH to a US-based digital asset exchange.

Etherscan, a tracker for the Ethereum blockchain, has revealed that a wallet linked to Buterin sent more than $1 million worth of ETH to Coinbase.

This transaction could potentially result in the cryptocurrency being sold on the open market. The transfer was completed for a fee of less than $0.50.

This latest transaction is one of several on-chain movements by Buterin this year. In March, he transferred over $323,000 worth of ETH to an unknown wallet, which was later moved to the crypto exchange Kraken.

Activity from Buterin’s wallet was detected by Blockchain security firm Peckshield on March 11th. Buterin sent 500 ETH to Reflexer, a decentralized finance (DeFi) protocol focused on stablecoins.

Peckshield’s findings show that Buterin used the 500 ETH as collateral to accumulate 378,500 USD Coin (USDC) and 50,000 Dai (DAI).

Earlier this month, Lookonchain, a leading blockchain-monitoring firm, observed Buterin selling Mops (MOPS), Cult DAO (CULT) and Shikoku (SHIK), which he received as gifts. According to Lookonchain, Buterin sold these meme tokens for $693,000.

It’s not uncommon for Buterin to dispose of tokens gifted to his address by smaller projects.

On August 13th, Coinbase’s layer-2 scaling solution for Ethereum (ETH) called Base had the highest number of daily transactions, surpassing Optimism (OP) and Arbitrum (ARB).

According to data from each solution’s block explorer, Base recorded 617,330 transactions, while Optimism recorded 438,559, and Arbitrum recorded 544,575.

However, both Optimism and Arbitrum have since surpassed Base in daily transaction counts. Base’s highest record of daily transactions occurred on August 10th, when it recorded 757,294 transactions.

The layer-2 project, which launched this month, is powered by Optimism. Coinbase aims to use Base to introduce more people to the cryptocurrency economy, with hopes of onboarding over a billion people.