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A wallet linked to Vitalik Buterin has sold more than $3 million worth of ether in the last 11 days.
On September 30, the Spot On Chain analysis platform x.com/spotonchain/status/1840583499612631403″ target=”_blank”>reported a transfer of 649 eth (approximately $1.72 million) to the Paxos cryptocurrency exchange. The transaction marked the conclusion of a series of sales triggered after the ethereum co-founder funded the wallet in question.
Identified by “0x556,” the wallet received 1,300 eth ($3.21 million) on September 19 from “0xd04,” an ethereum wallet said to be controlled by Buterin. “0xd04” was reportedly funded by the cryptocurrency pioneer in 2022, when he transferred 70,000 eth.
Notably, this was not the first time these wallets exchanged funds. According to on-chain data, “0xd04” had sent 2,000 eth, valued at $5.265 million in September 2023, preceded by a transfer of 999 eth valued at $2.63 million the same month.
Meanwhile, another transfer of 1,701 eth valued at $4.47 million was made last month, bringing the total ether received to date to 5,999 eth.
At the time of this post, “0x556” had not been tagged as Buterin's, but in a post on September 12, 2023, Spot On Chain speculated that the ethereum co-founder was behind the transfer of over 2,000 eth to the exchange. Bitstamp encryption over time.
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While many see transfers like these as Buterin's attempts to turn a profit, he has publicly stated eth/0xb8ccf84d” target=”_blank”>denied these accusations and reiterated that he has not sold eth for personal gain since 2018.
Concerns arose earlier this month when another wallet that received 3,800 eth from Buterin in August was seen downloading the funds through multiple transfers. However, Buterin soon x.com/vitalikbuterin/status/1834062768569548849?s=61&t=Goh7F7TZjoAVMq_tusVLpw” target=”_blank”>clarified that the sales were executed by a “biodefense group” that he finances.
In a previous post, he added that all eth sales funded by accounts linked to him were to support ethereum ecosystem projects that he considers valuable or for philanthropic purposes.
Adding to community concerns about these sell-offs, ethereum's co-founder was recently criticized for exerting too much influence over ethereum's direction, and Cardano founder Charles Hoskinson likened ethereum's governance model to a “dictatorship” driven by Buterin's fundamental decisions.
