Another Vitalik Buterin funded wallet dumps 1,300 ETH in 11 days 

A wallet linked to Vitalik Buterin sold over $3 million worth of Ethereum in the last 11 days.

On September 30, analytics platform Spot On Chain reported that 649 ETH (approximately $1.72 million) was transferred to cryptocurrency exchange Paxos. The transaction marked the culmination of a series of sales triggered after the Ethereum co-founder funded the wallet in question.

The wallet identified as “0x556” received 1,300 ETH ($3.21 million) on September 19 from “0xd04,” an Ethereum wallet said to be controlled by Buterin. Reportedly, “0xd04” was funded by the crypto pioneer in 2022 when 70,000 ETH was transferred.

Of note, this isn’t the first time these wallets have exchanged money. According to on-chain data, “0xd04” sent 2,000 ETH worth $5.265 million in September 2023, followed by 999 ETH worth $2.63 million in the same month.

Meanwhile, another 1701 ETH transfers worth $4.47 million were made in the previous month, bringing the total Ethereum received to date to 5,999 ETH.

At press time, “0x556” was not labeled as belonging to Buterin, but in a post on September 12, 2023, Spot On Chain estimated that the Ethereum co-founder was behind the transfer of more than 2,000 ETH to crypto exchange Bitstamp. time.

While many viewed such transfers as Buterin’s attempts to make a profit, Buterin publicly denied these allegations and reiterated that he has not sold ETH for personal gain since 2018.

Concerns were raised earlier this month when another wallet that received 3,800 ETH from Buterin in August was seen moving the funds through multiple transfers. However, Buterin soon revealed that the sales were carried out by a self-financed “biodefense group”.

In an earlier post, he added that all ETH sales funded by accounts linked to him are either to support Ethereum ecosystem projects he sees as valuable or for charitable purposes.

Aside from community concerns regarding these sales, the Ethereum co-founder has recently come under criticism for wielding too much influence over Ethereum’s direction; Cardano founder Charles Hoskinson likened Ethereum’s governance model to a “dictatorship” driven by Buterin’s key decisions.