Vitalik Buterin Addresses Claims of Selling Ether for Profits

• Vitalik Buterin has refuted claims that he sold Ether for profits.
• Lookonchain reported massive ETH transfers from the entrepreneur’s address to a multisig wallet.
• The Ethereum co-founder gave a different reason for these transfers.

Ethereum co-founder Vitalik Buterin has refuted allegations that he recently offloaded Ether for personal gains, despite observers reporting a decline in his ETH holdings.

The development came after data tracked by Lookonchain revealed on August 30 that a crypto wallet associated with Vitalik had transferred 800 ETH ($2.01 million) to a multisig wallet. The same address had also transferred 3,000 ETH to the multisig wallet on August 9.

Vitalik Clears the Air

On August 30, a crypto user on X accused Vitalik of engaging in random technical discussions while “ignoring all the talk about him selling ETH.” Quoting the post, another user defended Vitalik’s alleged Ether sale, noting that it was okay for the entrepreneur to sell coins and take some profits.

A day later on August 31, Vitalik responded to the post defending his ETH sales and clarified that the massive transfers were to support various projects he deemed valuable.

“I haven't sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D).” Vitalik wrote.

The response clarified why the entrepreneur’s ETH holdings are declining, reassuring investors of the crypto asset’s future. Per Arkham Intelligence data , Vitalik holds 240,000 ETH ($606.49 million), a significant decline from the 325,000 ETH ($1.46 billion) he declared three years ago.

Ether traded at $2,525 at the time of writing after losing 0.18% in the last 24 hours, CoinMarketCap data shows.

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