Vitalik Buterin, the co-founder of Ethereum, has recently addressed allegations surrounding his sales of Ether (ETH) by clarifying that these transactions were not driven by personal profit. Instead, Buterin explained that his sales were motivated by a commitment to support Web3 projects and charitable initiatives. This clarification comes in response to a recent post by on-chain analytics firm Lookonchain, which reported that Buterin has reduced his ETH holdings by 85,000 ETH ($209 million) over the past three years.
Three years ago, Buterin disclosed that he held 325,000 ETH, valued at $1.46 billion when ETH was priced at $4,500. Today, he holds 240,000 ETH, equivalent to $592 million. The reduction in his holdings by 85,000 ETH has raised questions about the motives behind Buterin’s sales, especially after the recent transfer of 800 ETH worth over $2 million to a multi-sig wallet. This transfer, along with a previous transfer of 3,000 ETH on August 9, has sparked concerns within the cryptocurrency community.
In response to these concerns, Buterin took to Twitter to deny any allegations of selling ETH for personal profit. He firmly stated that he has not sold any Ether for personal financial gain since 2018 and emphasized that all his sales were intended to support valuable projects within the Ethereum ecosystem or broader charitable causes. Buterin’s commitment to using his resources for the advancement of important causes rather than personal enrichment underscores his dedication to making a positive impact in the world.
Buterin’s statements also address criticisms regarding Ethereum’s support for decentralized finance (DeFi). Despite facing backlash from some in the space, including Kain Warwick, the inventor of yield farming, and MilliΞ, a crypto philosopher, Buterin defended Ethereum’s role in DeFi. He stated that he believes decentralized exchanges (DEXes) are great and that he uses them regularly. By expressing his support for DeFi and emphasizing the importance of sustainable applications that adhere to principles like permissionlessness and decentralization, Buterin reaffirms his commitment to ensuring that Ethereum continues to drive meaningful and impactful developments in the blockchain space.
As Ethereum’s co-founder, Buterin has consistently advocated for the long-term value of the network over short-term gains. He believes that Ethereum should remain focused on foundational principles rather than transient trends, reinforcing his vision of a decentralized and impactful digital future. By addressing allegations surrounding his ETH sales and defending Ethereum’s support for DeFi, Buterin underscores his dedication to advancing the broader mission of creating a more decentralized and sustainable digital ecosystem.
