Ethereum Founder Clears His Position on Recent Token Sales

Ethereum co-founder Vitalik Buterin recently disclosed that he has not sold any ETH for personal gains since 2018 despite recent reports suggesting the contrary.

Vitalik spoke up about his involvement around token sales following news making the rounds on related moves in recent times. 

Vitalik Buterin’s Mega Donations

According to his Warpcast post, Vitalik noted that he is not the one making the sales reported by many media outlets. He said the observed token movement constitutes his donations to some charity, non-profit, or other beneficiary projects.

The Ethereum founder said accompanying transfers might be the beneficiary-making sales in a bid to cover expenses.

This clarification is essential, considering that an actual sale from Vitalik Buterin might imply he is losing faith in the project. Selloffs from industry leaders can spark fear that might trigger a bank run, as recorded by FTX when Binance CEO Changpeng Zhao revealed plans to offload its FTX Token (FTT) holdings.

As recently reported, addresses controlled by Vitalik-backed charity Kanro made a 15.4 million USDC transfer to Gemini and Coinbase. The transfer to Gemini was the largest, involving 14.93 million USDC, while Coinbase recorded inflows of 250,000 USDC and 249,000 USDC.

Kanro is a health research non-profit introduced by Vitalik earlier this year and funded by Polygon co-founder Sandeep Nailwal-led Crypto Relief.

Vitalik’s Donation History

Besides being a respected innovator in the crypto ecosystem, the Ethereum founder maintains a good record as one of the industry’s biggest donors to charity.

In February, Vitalik donated 99 ETH worth $150,287 to the official ahbap wallet to support the victims of the catastrophic earthquake in Turkey. This donation complements His previous cash gifts to COVID-19 research worth at least $100 million.