Details of the ETH Sales
In August 2024, Buterin transferred a substantial amount of ETH to a multi-signature (multi-sig) wallet. This action raised alarms among investors who worried that such large transfers could potentially lower Ethereum’s market value. Following these transfers, the multi-sig wallet converted 190 ETH into USDC, which further fueled concerns and criticism from the community.
Community Reactions and Accusations
The ETH sales sparked a mixed response:
- Criticism: Some community members accused Buterin of “dumping” ETH while maintaining a bullish stance on Ethereum. They argued that such actions could negatively impact ETH’s market value.
- Support: On the other hand, some investors defended Buterin, suggesting that occasional profit-taking is not uncommon and does not necessarily reflect a negative outlook on Ethereum.
Buterin’s Explanation
Vitalik Buterin clarified that the recent sales were not driven by personal gain. Instead, the funds were used to support various projects within the Ethereum ecosystem and for philanthropic purposes. He emphasized that these transactions were intended to further the development of Ethereum and support broader causes.
Further Developments and Reassurances
New concerns emerged when on-chain data revealed an additional 190 ETH sales in early September. Reports indicated that Buterin’s multi-sig wallet sold 950 ETH through a series of smaller transactions over several days. This raised new questions about the timing and motivations behind the sales.
In response, Buterin explained that these recent transactions were part of an automated order placed by a bio-defense group he supports. He assured the community that this would be the final sale of this nature for the foreseeable future, aiming to alleviate concerns and restore confidence.
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