Ethereum inventor Vitalik Buterin denied selling any ETH in the past month. In fact, he said that ETH assets have increased. On the other hand, the Ethereum Foundation has disposed of over $11 million in ETH since January. This has funded critical research and development projects.
Vitalik Buterin: I didn’t sell a single ETH!
As you follow from Kriptokoin.com, Ethereum’s founder Vitalik Buterin is at the centre of criticism due to ETH sales. This causes concerns among investors. Buterin responded to concerns about ETH sales by himself and the Ethereum Foundation, which has repeatedly sold ETH for cash this year. On-chain data reveals periodic ETH movements by the Ethereum Foundation. For example, on 15 October, the foundation sold about $258,000 worth of ETH. A week before this transaction, the foundation transferred about $3.03 million worth of ETH to the Bitstamp exchange. According to Lookonchain, the Ethereum Foundation has disposed of over $11 million worth of ETH since January.
These sales worry market participants, especially since they coincide with ETH’s bull run. Vitalik Buterin has also joined this trend. Last month, a wallet associated with him sold ETH worth more than $3.17 million. Many community members believe that these transactions by Buterin and the Ethereum Foundation have caused ETH’s lacklustre performance. As a result, many have repeatedly called on Buterin to ‘stop selling ETH’. However, Buterin claimed that he has not sold any ETH tokens over the past month. He even mentioned that ETH holdings have increased.
Ethereum Foundation’s ETH sales and Buterin’s 9-point manifesto!
Another X user asked for clarification on the Ethereum Foundation, which sold over $3.3 million worth of ETH this month. Vitalik Buterin explained that the Ethereum Foundation funds researchers and developers responsible for several important developments. These include measures to prevent Ethereum from losing 5 million ETH per year due to Proof-of-Waok (PoW), maintaining low transaction fees, and ensuring that transactions are processed in under 30 seconds instead of 1 to 30 minutes.
In addition, the foundation is working on zk-tech, which enables private use of ETH , such as zk-railway. In addition, the team is developing account abstraction technology. This project will enable everyday users to interact with ETH securely without the need for seed expressions or risking centralised points of failure. Meanwhile, the Foundation is organising local ETH events around the world. Hence, many of them prominently feature the foundation’s name.
Vitalik Buterin also emphasised that Ethereum has maintained zero downtime since 2016. The foundation has run various security initiatives, including internal development and grants. These in turn helped prevent numerous loss-of-funds incidents. Finally, they provide libraries that support various coding needs such as wallets and DeFi applications.
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