Vitalik Buterin Accused of Selling ETH for Profit, Denies Claims

Crypto circles on X accused Buterin of selling ETH for profits. Many defended him as he denied the allegations.

Ethereum co-founder Vitalik Buterin moved large sums of ETH, causing some crypto users to call him out for his actions. He denied the claims of profiting from the selling, mentioning the proceeds were for funding projects he believed in and other charitable initiatives.

A crypto user on X accused him of selling over $2 million worth of ETH on August 30 after he published a bullish post on the platform. “Vitalik once again talking about random technical stuff and ignoring all the talk about him selling ETH,” wrote user @coinmamba.

Blockchain analytics firm Lookonchain mentioned he also sent $8 million to the same wallet earlier that month. “On Aug 9, #Vitalik also transferred 3,000 $ETH($8.04M) to this multisig wallet.” The August 30 transfer witnessed the recipient wallet convert 190 ETH for 447,000 USDC not long after.

“I haven‘t sold and kept the proceeds since 2018,” Buterin responded. “All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D).” Multiple users came out in support of Buterin, saying he did not have to defend himself even if he sold the ETH for profits.

Vitalik Buterin Called Out For Other Things As Well

Buterin had to defend himself from crypto users accusing him of other things as well over the past month. @llamaonthebrink wrote about how Buterin might not care about DeFi and how most of ETH’s value comes from it acting as collateral in DeFi applications. “The overwhelming majority of ETH’s value comes from its use as collateral in DeFi, why on earth would you want to see fewer DeFi protocols being built?” They added, “I honestly hope it’s not true.”

Buterin also responded to this accusation saying he supports DeFi while listing multiple platforms he thinks are doing great. However, he stated he does not respect “things whose attractiveness comes from some temporary source that has no sustainability.”

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