Vitalik Buterin promises L2 tokens to support public goods in the Ethereum ecosystem

ethereum co-founder Vitalik Buterin has pledged to donate all of the Layer 2 (L2) tokens he owns to support public goods within the ethereum ecosystem or broader charitable causes.

This announcement comes just days after allegations that he had sold millions worth of Ether (eth) for personal gain.

Vitalik Buterin denies profit motive

Buterin quickly responded to the allegations, emphasizing that he has not sold any eth for personal gain since 2018. Instead, x.com/VitalikButerin/status/1829801352500801538?s=19″ target=”_blank” rel=”noopener” data-wpel-link=”external”>rinse that all proceeds from their eth sales have gone to projects that contribute to the ethereum ecosystem or other charitable initiatives.

September 5th x.com/VitalikButerin/status/1831796490223907327?s=19″ data-wpel-link=”external” target=”_blank”>updateHe expanded his stance and pledged to donate all of the L2 tokens he holds, including still illiquid assets, to support similar causes.

He wrote: “All proceeds will be donated, again to support public goods within the ethereum ecosystem or to a broader charity (e.g. biomedical R&D). I also have no intention of investing in L2 or other token projects for the foreseeable future.”

He explained that his goal in funding projects is to support initiatives that he considers important, particularly in situations where other parts of the ecosystem may not fully recognize their value.

The accusations

On August 30, a user x x.com/coinmamba/status/1829574331824783476?t=A3G5L2c1fSeBQ9T47AmNKA&s=19″ target=”_blank” rel=”noopener” data-wpel-link=”external”>accused him for selling over $2 million worth of eth shortly after posting a positive update on the future of ethereum.

Later, Lookonchain also revealed that Vitalik had transferred 800 eth, worth around $2 million, to a multisig wallet. Shortly after, the wallet exchanged 190 eth for 477,000 USDC.

Further analysis by Lookonchain indicated that on August 9, it had moved an additional 3,000 eth, valued at over $8 million, to the same multisig wallet.

These transfers fueled speculation that the ethereum co-founder was liquidating his Ether holdings for a profit.

Buterin had previously ethereum/comments/qkaa7r/comment/hj0czcg/” target=”_blank” rel=”noopener” data-wpel-link=”external”>revealed that all of his Ether holdings come from the pre-mining period of ethereum, which allocated 11.9 million eth (roughly 10% of the total supply) to early contributors. As one of them, he received 700,000 eth for his role in creating the network.

According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 eth. This represents a reduction of around 460,000 eth from its initial reserve.

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