Vitalik Buterin, founder of Ethereum, had to explain himself on his social networks after moving R$75 million worth of cryptocurrencies last Monday (16). According to the developer, he has not sold any ether since 2018 and the moves are donations to other projects.
In addition to the R$75 million sent to the Gemini brokerage, Buterin also recently executed several other transactions. For example, he sent R$5 million to Coinbase in August and another R$2.4 million to Kraken in September.
Until then, the main speculations pointed to simple sales. On one of the recent occasions, a user even joked that “man must eat”, believing that the millions were used to finance his lifestyle.
Vitalik Buterin responds to the media and says that movements of millions are donations
With Ethereum’s massive appreciation over the past decade, Vitalik Buterin became a billionaire, but he always wanted to help other projects. For example, he donated R$5 billion to the India Covid Crypto Relief Fund, R$5 million to the Dogecoin Foundation and even an undisclosed amount to a Brazilian.
Buterin is accused of dumping his ethers (ETH) on the market in recent years and refuted the criticism by stating that all the amount that has left his wallet since 2018 is used for donations and not for his own benefit.
“Regular reminder: If you see an article that says “Vitalik sends XXX ETH to [corretora]“I don’t really sell, I almost always donate to a charity, non-profit or some other project, and the recipient sells because, well, he has to cover the costs”the Ethereum founder explained on his social networks.
“I have not “sold” ETH for personal gain since 2018.”
The developer’s outburst comes after his portfolio sent 15 million USDC, equivalent to R$75 million, to broker Gemini this Monday (16).
Ethereum remains without an upward projection
After the fake news about the approval of BlackRock’s Bitcoin ETF, Ethereum followed the rise of BTC, which rose 5% the morning before, but fell again. With the disappointment of Ethereum futures ETFs, opening on very low volume, the second largest cryptocurrency on the market continues to exist without an upside projection.
Vitalik Buterin’s alleged sales were not encouraging for investors. However, after the developer’s explanation, it is possible that the bulls will see the moves with different eyes and consider them as something positive.
Be that as it may, Ethereum still needs a new trend to move its network, just as NFTs, ICOs, and play-to-earn games have done in the past. Without them, it is hard to believe that ETH has the power to rise on its own.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
