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A wallet that received 3,800 eth from Vitalik Buterin in August has sold over 950 eth in recent weeks.
x.com/lookonchain/status/1833755267713868212″ target=”_blank”>According Lookonchain, a wallet that received approximately $9.8 million in eth from ethereum co-founder Vitalik Buterin, sold 190 eth for $441,971 USDC on Sept. 11.
The wallet initially received 3,800 eth from Buterin last month: 3,000 eth on August 9 and an additional 800 eth on August 30. Shortly after, he sold 760 eth for $1.835 million USDC at an average of $2,414 per eth, before continuing with subsequent sales.
At the time of writing, the wallet had sold 950 eth since August 30, for approximately $2.28 million.
The transfers sparked accusations that Buterin was selling eth for a profit, but he recently denied these claims, stating that the funds were intended to support ecosystem development and philanthropic efforts.
“All sales have been to support various projects that I believe are valuable, either within the ethereum ecosystem or for broader charitable purposes,” Buterin said in an x post.
However, he did not clarify who the recipient of his latest transfer was.
In this context, the ethereum Foundation, the entity that supports the development of the ethereum blockchain, has also made several notable transactions in recent months.
As previously reported by crypto.news, the foundation recently sold 450 eth for 1.029 billion DAI on Sept. 9, bringing its total sales for 2024 to 3,066 eth. While the ethereum Foundation has not officially commented on the reason behind its recent eth sales, experts have noted that these were meant to cover the foundation’s operational expenses.
Meanwhile, recent selling has put downward pressure on the price of ethereum (eth), with the leading altcoin currently down 13% over the past 30 days.