Vitalik Buterin Addresses ETH Sales Criticism Amid Increased Holdings

Vitalik Buterin, Ethereum's co-founder and leading figure, has addressed criticism regarding significant ETH sales executed by the Ethereum Foundation.

In a recent post on X, Buterin discussed “important next steps” for Ethereum and faced inquiries about the Foundation’s recent ETH sales. In response to concerns about “dumping,” he clarified that he hasn’t sold any ETH in the last month and noted that his personal holdings have actually increased.

Buterin explained that the Ethereum Foundation’s sales were necessary to fund various crucial initiatives. He emphasized that these funds support researchers and developers who work on key projects, including measures to prevent Ethereum from losing 5 million ETH annually to proof-of-work mining, keeping transaction fees low, and ensuring quicker transaction processing times through EIP-1559.

Additionally, he highlighted the Foundation’s contributions to zk technology, which allows for private ETH usage, as well as organizing ETH-focused events worldwide, many of which do not prominently feature the Foundation.

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Recently, Whale Alert, a blockchain tracking service, reported two substantial ETH transfers to Coinbase, the largest cryptocurrency exchange in the U.S. Each transaction involved 149,999 ETH, valued at approximately $381.4 million, totaling around $762.8 million. Both transactions originated from unknown blockchain addresses, sparking speculation within the crypto community about their purpose, with some suggesting they could be part of a liquidity test or hinting at upcoming developments.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.