Sold millions of dollars worth of ETH for personal gain? Ethereum founder responds with a post
TechFlow Selected TechFlow Selected
Sold millions of dollars worth of ETH for personal gain? Ethereum founder responds with a post
Vitalik said he has not sold any ETH for personal gain since 2018.
Navigating Web3 tides with focused insightsSource: zycrypto
Translation: Blockchain Knight
Recently, Ethereum co-founder Vitalik Buterin responded to speculation and rumors about profiting from selling millions of dollars worth of ETH cryptocurrency assets.
In his response, Buterin emphasized that he sells his ETH holdings solely to support various crypto projects and charitable initiatives.
On August 30, an X user accused Ethereum creator Vitalik Buterin of selling over $2 million worth of ETH shortly after sharing an optimistic post.
In fact, on-chain analytics firm Lookonchain revealed that Buterin transferred 800 ETH—worth $2.01 million—to a multi-signature wallet that day. The recipient later swapped 190 ETH for 477,000 USDC.
Lookonchain also reported that the Ethereum founder transferred 3,000 ETH (worth $8.04 million) to the same multi-sig address on August 9.
These transactions sparked speculation that he has been offloading his ETH holdings for personal profit, especially as the second-largest cryptocurrency has surged more than 175% since its cycle low of $880 in August 2022.
Another member of the crypto community argued that Buterin should sell a significant portion of the ETH tokens accumulated over the past seven years to realize gains.
However, Buterin insists he has not sold any ETH for personal gain since 2018. Instead, proceeds from any sales have been redirected to multiple projects he deems valuable.
Vitalik Buterin stated on X on August 31: "I have never sold and kept the profits. All sales have been used to support various projects I consider valuable, whether within the Ethereum ecosystem or broader charitable causes such as biomedical research and development."
Following Buterin's clarification, he received overwhelming support from the crypto world, with some members encouraging him to use part of his Ethereum wealth for luxury spending.
One X user suggested: "No need to justify yourself—you deserve a yacht."
Buterin revealed three years ago that all of his ETH holdings originated from the Ethereum mining era.
About 11.9 million ETH—roughly 10% of the network’s total supply—was generated during the genesis period and allocated specifically to early contributors of the Ethereum network. Among these early contributors was Buterin himself, who received 700,000 ETH as compensation for his work.
According to blockchain intelligence firm Arkham Intelligence, Buterin currently holds approximately 240,000 ETH (valued at around $1.06 billion), down by 460,000 ETH from his original holdings.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
