As an analyst with years of experience in the cryptocurrency market and a keen interest in Ethereum’s development, I find Vitalik Buterin’s recent pledge to donate all his L2 tokens a commendable move. This decision, coming after a wave of allegations questioning his motivations, not only clears any doubts about his intentions but also underscores his commitment to the Ethereum ecosystem and charitable causes.
Vitalik Buterin, one of the co-creators of Ethereum, has committed to giving away every Layer 2 token that he owns in order to contribute to the funding of beneficial projects inside the Ethereum community and for broader charitable objectives.
This announcement follows the recent allegations that he converted large amounts of Ether (ETH) into his own profit.
Vitalik Buterin Denies Profit Motive
In a swift reaction to the claims, Buterin made it clear that he hasn’t cashed in on any ETH for personal gain since 2018. Rather, he explained that the earnings from his ETH transactions have been channelled into endeavors that bolster the Ethereum network or other philanthropic efforts.
On September 5th, he further clarified his position by promising to give away all his L2 tokens, even those that haven’t been converted into cash yet, to assist initiatives with similar objectives.
He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”
He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.
The Allegations
On the 30th of August, a user on the X platform alleged that he had sold approximately $2 million worth of Ether (ETH) soon after sharing a favorable forecast regarding Ethereum’s future.
Subsequently, it was disclosed by Lookonchain that Vitalik moved approximately 800 ETH, equivalent to around $2 million, into a multi-signature digital wallet. Not long after this transfer, the wallet exchanged 190 ETH for roughly 477,000 USDC.
According to further examination by Lookonchain, it was found that on August 9th, he transferred another 3,000 ETH, worth more than $8 million, into the same multisignature wallet.
This transfer activity sparked discussions suggesting that the Ethereum co-founder might be selling his Ether to cash in on the gains.
Previously, it was known that all of Buterin’s Ether holdings originated from the Ethereum pre-mining phase, where approximately 10% (or 11.9 million ETH) of the total supply were assigned to early participants. As one such participant, Buterin received 700,000 ETH as recognition for his part in developing the Ethereum network.
As per the reports from Arkham Intelligence’s blockchain tracker, he currently owns roughly 240,000 Ether. This represents a decrease of about 460,000 Ether compared to his original holdings.
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2024-09-07 07:20