ETH co-founder Vitalik Buterin: No sell-off, just donations

Ethereum co-founder Vitalik Buterin responded to critics on Saturday, clarifying whether he has sold any of the ETH he purchased since 2018.

“All sales are made to support various projects that I feel are valuable within the ethereum ecosystem or broader charity,” Buterin wrote in a post on X.com on August 31.

Buterin cited biomedical research and development as an example. See below.

I haven’t sold since 2018 and have kept the proceeds. All sales have gone to support various projects that I think are worthwhile, whether they are within the ethereum ecosystem or a broader charity (e.g. biomedical R&D).

— vitalik.eth (@VitalikButerin) August 31, 2024

Buterin responds to accusations

Buterin recently transferred 800 ETH (approximately $2.01 million) to a multisig wallet, which then exchanged 190 ETH for 477,000 USD Coin, a stablecoin pegged to the US dollar.

This activity caught the attention of the crypto community, with some assuming Buterin had sold his ETH.

This was the second major transfer from Buterin’s wallet in August. At the time, 3,000 ETH, worth $8.04 million, was transferred to the same multisig wallet just a few weeks ago on August 9.

Buterin explained that none of his ETH was sold for personal gain, adding that when ETH in his wallet appears on exchanges, it is not him who is selling, but the recipients of his donations.

“If you see an article that says ‘Vitalik XXX is sending ETH to’, [exchange]“I don’t actually sell it, I almost always donate it to a charity, nonprofit or other project and the buyer sells it because they have to cover their expenses,” he said.

Buterin disintegration

Buterin holds around 90% of his net worth in ETH, highlighting his commitment to the digital asset as a store of value.

Buterin’s claims that he supports “various projects” are not without merit. Crypto.news reported that the 30-year-old entrepreneur donated 199 ETH (about $517,000) to ethOS, a mobile operating system based on the Ethereum blockchain.

According to Lookonchain data, Buterin has withdrawn more than 85,000 ($209 million) of coins from his wallets over the past three years.

One observer disputes this figure. See below.

Buterin also donated 200 ETH to animal welfare initiative Effective Altruism Funds on August 15.

In 2021, he donated over 50 trillion SHIB tokens, worth over $1 billion at the time, to the India Covid Relief Fund, founded by Polygon co-founder Sandeep Nailwal.