Benzinga - Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin on Tuesday addressed concerns regarding his recent cryptocurrency transfers, explaining that these transactions are not indicative of him selling for personal gain.
What Happened: Buterin posted on decentralized social media Warpost said "I haven’t “sold” ETH for personal gain since 2018."
Buterin emphasized that the transfers are mostly donations made to charities, nonprofits, and other projects, with the recipient organizations responsible for selling the assets to cover their expenses.
"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 project, and the recipient selling because, well, they have to cover expenses."
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: This comes after Buterin moved approximately $14.9 million worth of USD Coin (USDC) to Gemini, a cryptocurrency exchange. PeckShield, a blockchain analytics firm, reported that the transfer from Buterin’s wallet, named “Vitalik.eth,” took place on October 16.
Further examination on Etherscan, a blockchain explorer, revealed that Buterin received the initial sum of 14.93 million USDC from Kanro, a charity affiliated with him, on October 14.
In addition to the Gemini transfer, Buterin had previously transferred almost $500,000 to Coinbase just three days earlier. Throughout September, the total transferred amount from Buterin’s wallets exceeded $3.9 million.
One transaction of note occurred on September 24, where Buterin sent 400 ETH (equivalent to $600,000 at the time) to Coinbase. Furthermore, in early October, he deposited 600 ether, which is approximately $1 million worth of the cryptocurrency, into the Coinbase exchange.
Price Action: At the time of writing, ETH was trading at $1,568.64 down 0.31% in the last 24 hours, according to Benzinga Pro.
Photo by TechCrunch on Flickr
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.