Ethereum co-founder Vitalik Buterin has raised eyebrows in the crypto community as a wallet associated with him initiated the transfer of 2.09 million STRK tokens to the Binance exchange.
This transaction took place in two parts: the first, involving 97,152 STRK tokens, occurred just five hours ago, followed by a second transfer of 2 million STRK tokens three hours later. Both transactions moved the assets to Binance, the world’s largest cryptocurrency exchange.
Collectively, the tokens Buterin has offloaded are worth about $799,000. The timing of the transaction has triggered curiosity among market observers.
Buterin Suffers Massive Loss from Holding STRK
According to Onchain Lens, Buterin had received these STRK tokens over the last five months, with an initial value of $1.51 million. With the current market value of STRK approximately 50% lower than this original amount, Buterin is facing an unrealized loss of around $714,000 from his STRK holdings.
This massive loss is due in part to STRK’s disappointing price performance since its launch earlier this year. After peaking at an all-time high of $3.66 in February, the token is now trading at $0.3795—down by a staggering 90%. During this period, STRK even hit an all-time low of $0.32 in August.
Interestingly, following the recent surge in the crypto market, driven by Bitcoin’s historic peak, Buterin appears to be trying to cut his losses by transferring his STRK tokens to Binance, especially as the token has posted a more than 10% gain today.
Following this latest transaction, Onchain Lens noted that Buterin continues to hold 15,862 STRK tokens worth approximately $6,000.
Vitalik Buterin’s Relationship with StarkNet
StarkNet is a promising zero-knowledge rollup project that has garnered significant attention as Ethereum’s community seeks ways to enhance transaction speeds and reduce costs on the network.
Buterin’s involvement with StarkNet dates back to its early days. He initially invested in the project during its seed round in May 2018, which raised $6 million. This move underscored his interest in supporting Layer 2 scaling solutions for Ethereum. In a subsequent funding round in July 2018, which raised $12 million, the Ethereum Foundation took the lead.
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