Real Reason Behind Ethereum Founder’s Massive ETH ‘Sales’ Exposed

A crypto wallet owned by the Ethereum founder Vitalik Buterin has seen a series of transactional activities lately, piquing the interest of crypto community members at a time when Ethereum selling pressures are rising. 

Following this, Buterin has taken the initiative to address the concerns regarding his recent transfer of digital assets to multiple exchanges. 

In a recent post on Warp Cast, a decentralized social network, Russian-Canadian computer programmer and founder of Ethereum, Vitalik Buterin publicized the real reason behind the latest ETH transfers made via his wallet address. 

Buterin explained to the public that the large-scale ETH transactions that were performed using his wallet were not sold by him. He stated that over the years, he has mostly focused on donating large sums of Ethereum funds to charity organizations and other projects. He further solidified his claims saying that he had not sold ETH for personal profits since 2018. 

“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 projects, and the recipient selling because, well, they have to cover expenses,” Buterin stated. 

Buterin is well-known for his philanthropic acts toward charity organizations and medical interventions. The Ethereum co-founder made headlines in 2021, after donating $1 billion worth of SHIB tokens to a COVID-19 relief fund in India. 

Additionally, in February 2023, Buterin donated $150,000 to Anka Relief to fund a crypto aid project that would support Türkiye after its recent earthquake experiences.

Although there have been many proofs of Buterin’s propensity to donate to multiple charities, the crypto community has remained skeptical and vigilant, relentlessly monitoring the Ethereum founder’s cryptocurrency activities, as well as these recent high-value ETH transactions. 

According to data from PeckShield Alert, a blockchain security and auditing firm, Vitalik Buterin recently made a large-scale transaction of $15 million USDC to the Gemini Exchange. 

This transaction in question is among the list of recent transfers associated with the Ethereum founder. These movements have prompted both curiosity and concern in the crypto community, as observers attempt to determine the underlying motive behind Buterin’s transactions.

A report from Cointelegraph said an Ethereum Foundation Spokesperson has clarified the details behind the lofty transaction. According to the Spokesperson, the $15 million USDC transfer was only executed under Buterin’s Ethereum Name Service (ENS) and not from his wallet address. 

The spokesperson also supposedly confirmed that the funds were from a transfer made by a charity multi-sig wallet, Kanro, which is closely linked to Buterin to sponsor a grant.