Vitalik Buterin Addresses Criticism Over Recent ETH Sell-Off

• Vitalik Buterin moved $2.01 million ETH to a multisig wallet.
• ETH sales fund charitable projects and ecosystem support, Buterin clarifies.

Vitalik Buterin, co-founder of Ethereum, has once again captured the crypto community’s attention with a major ETH transaction. According to Lookonchain, Buterin recently transferred 800 ETH, valued at approximately $2.01 million, to a multisig wallet. Shortly thereafter, 190 ETH from this wallet was exchanged for 477,000 USDC, a stablecoin pegged to the U.S. dollar.

This move follows a larger transfer on August 9, when Buterin shifted 3,000 ETH, worth around $8.04 million, to the same wallet. These transactions have reignited debates within the Ethereum community regarding the cryptocurrency’s role as a store of value, especially amidst concerns about large-scale ETH sell-offs by the  major holders, commonly known as “whales.”

In response to a tweet questioning the focus on founders’ sales, Buterin clarified, “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 (e.g., biomedical R&D).”

This news comes in the wake of rising speculation about the Ethereum Foundation’s ETH reserves. Recently, the organization transferred 35,000 ETH , valued at $94 million, to Kraken, sparking questions about the transparency of its operations.

Vitalik Picks DEXes Over CEXes

Amidst these developments, Buterin also weighed in on social media discussions about decentralized exchanges (DEXs) versus centralized exchanges (CEXs). Responding to a tweet about CEX usability, Buterin praised DEXs for their simplicity, stating , “DEXes are actually more convenient. No signup process, no accounts, no deposit/withdraw process, just go to the page, click swap, and confirm in your wallet.”

In market news, Ethereum, the leading altcoin, is trading at $2,520, reflecting a minor decline of 0.12%. The trading volume has decreased by 2.3%, and the daily RSI is at 39, indicating an oversold condition.

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