A video has surfaced on social media in which ethereum founder Vitalik Buterin revealed that he sold 70,000 eth tokens during its all-time high price.
Buterin admits shorting ethereum
crypto community member MetaMan X published a video post on x (formerly Twitter), revealing a conversation where ethereum Founder, Vitalik Buterin admitted that he had sold around 70,000 eth tokens, essentially shorting the cryptocurrency during a major all-time high.
In the podcast with American hedge fund manager Eric Ross Weinstein, Buterin talked about the price of ethereum and bitcoin in 2017. During ethereum‘s previous all-time high in 2017, when the ethereum–nft-boom-behind-the-2-rise/” rel=”nofollow”>eth price rose as high as $1,600 and the price of bitcoin rose $20,000, Buterin expressed doubts about whether the significant price increase truly aligned with the cryptocurrency market’s modest achievements over the years.
“The crypto space has reached half a trillion dollars, does it deserve it?” Buterin stated.
When asked if he had shorted ethereum during the all-time high, Buterin claimed that he had convinced the ethereum-attack-selling-1700-eth-cost-them-this/” rel=”nofollow”>ethereum Foundation sell a considerable amount of eth tokens, and the outcome of the decision had a huge impact on the cryptocurrency later.
“I got the ethereum Foundation to sell 70,000 eth basically at the top, and that has doubled our runway now, so it was a good decision that had a big impact,” Buterin said.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Did-Ethereum-Founder-Vitalik-Buterin-Short-Ethereum-Unraveling-a-70000" alt="Tradingview.com ethereum Price Chart” width=”2650″ height=”1758″ loading=”lazy”/>
eth price at $1,886 | Source: ETHUSD on Tradingview.com
Community worries about Buterin’s eth sell-offs
Many members of the crypto community have expressed concern over multiple bitcoin-spark-be-the-solution/” rel=”nofollow”>eth Transactions It is said to be carried out by the founder of ethereum. Recently, Buterin was seen making a 100 eth transferworth approximately $181,000 to Coinbase, one of the largest crypto exchanges in the world.
The motive behind the transaction has sparked curiosity among ethereum investors and the crypto community. In early August, Buterin was also reported to have moved 600 eth worth $1 million to Coinbase.
However, the ethereum founder publicly clarified in October that he had not sold any eth tokens for personal gain since 2018. He also claimed that the majority of eth transactions were not sold by him, but rather by recipients of his charitable donations. eth tokens.
The founder was also caught up in controversy over the weekend when ethereum ethereum-insider-founders-fraud/” rel=”nofollow”>Whistleblower Steven Nerayoff alleged that Buterin was involved in some type of eth-related fraud.
Nerayoff says ethereum is tied to corrupt SEC officials to carry out this fraud which he claims is larger in scale than what happened with FTX. For reference, founder of FTX Sam Bankman-Fried has been found guilty of fraud charges after the exchange filed for bankruptcy in 2022 with a hold of $9 billion on its balance sheet.
Featured image from crypto News, chart from Tradingview.com
