Blockchain investigators have recently brought attention to the transfer of $1 million worth of Ethereum from a wallet that is managed by Vitalik Buterin, who is famously known as the co-founder of Ethereum. This transaction has occurred during a time when the cryptocurrency market sees a subdued state following significant losses over the weekend.
— PeckShieldAlert (@PeckShieldAlert) August 21, 2023
As reported by on-chain statistics, Ethereum co-founder Vitalik Buterin recently moved 600 Ethereum to the US exchange Coinbase. This action took place amidst the current market difficulties.
According to data from Etherscan, on Aug. 21, the Ethereum wallet address labeled as vitalik.eth publicly transferred 600 ETH. Interestingly, this address still retains over 3,900 Ethereum, valued at an impressive $6.5 million.
Lookonchain’s blockchain data analysis revealed that vitalik.eth paid back 251,000 Rai Reflex Index (RAI) tokens on Maker. Shortly afterward, they withdrew 1,000 Ethereum, equivalent to $1.67 million, moments before the movement of ETH to Coinbase.
— Lookonchain (@lookonchain) August 21, 2023
Buterin’s Unusual ETH Transfer Sparks Speculation Amid Market Volatility
They also received confirmation from the blockchain analytics firm Nansen that Buterin had transferred a significant amount of money. This came after conducting a test transaction of 0.1 ETH two days earlier. Simultaneously, their analysts observed that Buterin used a different exchange for this recent transfer compared to previous ones on record.
Previous ETH transfers, based on the wallet’s history, mostly went to Kraken. Nevertheless, determining the exact purpose of these transfers proves challenging, leaving us with limited insights to offer.
Several well-known blockchain data aggregators and publications recently shared valuable insights on the transfer of 600 ETH to the United States-based cryptocurrency exchange, Coinbase. The subsequent buzz generated on social media was heightened by widespread speculation surrounding this transaction.
— Watcher.Guru (@WatcherGuru) August 21, 2023
Buterin’s transaction coincides with the delicate state of the broader cryptocurrency markets, which have experienced a significant downturn over the weekend. In particular, the value of Bitcoin went down by 11%, and Ethereum went down by 8%.
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Reports say Buterin has admitted to selling parts of his ETH (Ethereum) holdings at different times over the last five years. Moreover, he has publicly disposed of tokens received through unsolicited altcoin airdrops.