A wallet that received 3,800 ETH from Vitalik Buterin in August has sold over 950 ETH in the past few weeks.
According to Lookonchain, the wallet that received nearly $9.8 million in ETH from Ethereum co-founder Vitalik Buterin, sold 190 ETH for $441,971 on September 11.
The wallet initially received 3,800 ETH from Buterin last month — 3,000 ETH on August 9 and an additional 800 ETH on August 30. Shortly after, it sold 760 ETH for $1.835 million at a rate of $2,414 per ETH, before continuing with subsequent sales.
At the time of writing, the wallet has sold 950 ETH since August 30, for approximately $2.28 million.
These transfers sparked accusations that Buterin was selling ETH for profit, but he recently denied these claims, stating that the funds were intended to support ecosystem development and charitable efforts.
“All sales were to support various projects that I believe are valuable, both within the Ethereum ecosystem and broader philanthropy,” Buterin said in a post on X.
But he did not clarify who benefited from his latest transfer.
Against this backdrop, the Ethereum Foundation, the entity that supports the development of the Ethereum blockchain, has also made several notable transactions over the past months.
As previously reported by crypto.news , the foundation recently sold 450 ETH for 1.029 million DAI on September 9, bringing its total sales for 2024 to 3,066 ETH. While the Ethereum Foundation has not officially commented on the rationale behind the recent ETH sales, insiders have noted that these sales were intended to cover the foundation’s operating expenses.
Meanwhile, recent sales have put downward pressure on the price of Ethereum (ETH), with the leading altcoin currently down 13% over the past 30 days.