Vitalik Buterin linked wallet dumps $2.2m in ETH in 12 days

A wallet that received 3800 ETH from Vitalik Buterin in August has sold more than 950 ETH in recent weeks.

According to Lookonchain, a wallet that received approximately $9.8 million worth of ETH from Ethereum co-founder Vitalik Buterin sold 190 ETH for $441,971 in USDC on September 11.

The wallet first received 3,800 ETH from Buterin last month; 3,000 ETH on August 9 and an additional 800 ETH on August 30. Shortly after, it sold 760 ETH for 1.835 million USDC at an average of $2,414 per ETH, and then continued with subsequent sales.

At press time, the wallet had sold 950 ETH for approximately $2.28 million since August 30.

These transfers led to allegations that Buterin was selling ETH for profit, but Buterin recently denied these claims, stating that the funds were used to support ecosystem development and philanthropic efforts.

“All sales are made to support various projects that I feel are valuable within the Ethereum ecosystem or broader charity,” Buterin wrote in the X post.

However, he did not make a statement about who his latest transfer belonged to.

Amid these developments, the Ethereum Foundation, the organization supporting the development of the Ethereum blockchain, has also made several important transactions in recent months.

As previously reported by crypto.news, the foundation recently sold 450 ETH for 1.029 million DAI on September 9, bringing its total sales in 2024 to 3066 ETH. While the Ethereum Foundation has not officially disclosed the reasoning behind the recent ETH sales, insiders have stated that they were made to cover the foundation’s operational expenses.

On the other hand, recent sales have put downward pressure on the price of Ethereum (ETH), and the leading altcoin has lost 13% in the last 30 days.