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Ethereum co-founder Vitalik Buterin has recently addressed and refuted allegations suggesting that he sold millions of dollars worth of Ether (ETH) for personal gain. Responding to accusations from the crypto community, Buterin clarified that his ETH sales were solely to fund various Web3 initiatives and charitable causes, rather than for personal profit.
Background
The controversy began on August 30 when a member of the crypto community on X accused Buterin of offloading over $2 million worth of Ether shortly after making a bullish statement about the cryptocurrency.
Onchain analytics firm Lookonchain further fueled the speculation by indicating that a wallet linked to Buterin received 3,000 ETH on August 9, raising concerns about the motives behind the transfer.
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Buterin Clarifies
However, Buterin, who is widely regarded as a principled figure in the cryptocurrency world, took to X on August 31 to clarify his position. He stated that he has not sold any ETH for personal financial gain since 2018.
Instead, the funds from his ETH sales have been directed towards supporting meaningful projects within the Ethereum ecosystem and broader charitable endeavors, such as biomedical research and development.
“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,” Buterin stated.
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Buterin’s explanation was met with widespread support from the crypto community, with many users encouraging him to use his earnings as he sees fit. One supporter even remarked, “Don’t even defend it; you deserve the yacht, too,” reflecting the respect and admiration many have for Buterin’s contributions to crypto space.
Buterin on Approach to DeFi
In addition to addressing the ETH sale controversy, Buterin also defended Ethereum against criticisms concerning its approach to decentralized finance (DeFi). Responding to claims that he underestimates the importance of DeFi, Buterin reaffirmed his belief in developing applications that are not only useful and sustainable but also adhere to Ethereum’s core principles of permissionlessness and decentralization.
As Ethereum continues to navigate both support and scrutiny, Ether is currently trading around $2,500, down approximately 25% in the past month and 48% from its all-time high of $4,891 in November 2021. Meanwhile, Ether whales are capitalizing on this prolonged price drop, shopping as much crypto as possible.
