Vitalik Buterin Said He Sent ETH Sale Proceeds to ‘Valuable’ Project
Buterin currently holds around 240,000 ETH, marking a decrease of approximately 423,000 ETH from his peak holdings. Despite this reduction, his current Ethereum stash holds a value of roughly $1.06 billion.
Three years ago, in a Reddit post, Ethereum co-founder Vitalik Buterin revealed that his initial Ethereum holdings stemmed from the premine, a distribution of 11.9 million ETH. He received approximately 700,000 ETH from this allocation, a significant portion of which he has retained.
According to data from Arkham, Buterin currently holds around 240,000 ETH, marking a decrease of approximately 423,000 ETH from his peak holdings. Despite this reduction, his current Ethereum stash holds a value of roughly $1.06 billion.
Vitalik Buterin Clarifies Public Sentiment on his ETH Sale
Buterin’s approach to managing his substantial ETH holdings has been characterized by a commitment to philanthropy and investment in projects he deems valuable.
In a statement, he affirmed that he has not sold his ETH since 2018, instead utilizing the proceeds from sales to support various ventures within and beyond the Ethereum ecosystem. These include investments in biomedical research and development, as well as donations to charitable causes.
Buterin’s recent donation to animal welfare on behalf of neiro_dog and neiroethcto exemplifies his commitment to philanthropy. The gesture received widespread appreciation within the crypto space and has since used it to support a dog shelter and animal welfare initiatives in Turkey, showing the real impact of Buterin’s philanthropic efforts.
The establishment of the Neiro Foundation, a charity DAO, signifies Buterin’s commitment to continuing his philanthropic efforts through a decentralized framework. This foundation aims to utilize the power of blockchain technology to drive positive change within the broader societal landscape.
Ethereum Market Impact After Sale
Vitalik Buterin’s recent transfers of ETH have occurred during a challenging period for the Ethereum market. In the last month alone, ETH has experienced a significant decline of over 24%, currently trading at approximately $2,526.
The cryptocurrency has been struggling to find traction, leading to concerns among investors about the potential long-term impact of large-scale transactions on Ethereum’s value.
Furthermore, the Ethereum Foundation has come under heightened scrutiny, according to the source report which indicates that the foundation has offloaded more than 239,000 ETH since January 2021, amounting to a total of $654 million. Of particular note is a substantial transaction in July, where a previously inactive wallet associated with the foundation transferred over $290 million worth of ETH.
