KEY POINTS
- Buterin moved 2,421 ETH to various centralized crypto exchange platforms in 10 days
- Blockchain sleuths flagged multiple Ether transactions from a wallet linked to Buterin over the weekend
- The crypto community speculates he was just redistributing his funds to his wallets to mitigate hacking or theft risks
Crypto genius and Ethereum co-founder Vitalik Buterin has moved nearly $4 million in funds in just 10 days, which includes his latest transfer of 400 ETH to Coinbase over the weekend.
Buterin has been making headlines over the past few weeks not just for his statements related to the cryptocurrency industry but also because of the series of transfers he made.
Over the weekend, blockchain sleuths flagged multiple Ether transactions from a wallet linked to the crypto genius, which collectively amounted to roughly $3.9 million.
Some X accounts monitoring blockchain activities shared details of the transfer, including the 400 ETH deposit (worth around $632,000 at the time) to Coinbase, one of the largest crypto exchange platforms in terms of trading volume.
Buterin initially made a test transfer of 0.1 ETH to Coinbase before moving 399.9 ETH.
The wallet that made the deposit to Coinbase, labeled 0x1Db3, currently holds 1,773.44 ETH, equivalent to roughly $2.77 million, alongside other crypto assets, data from real-time blockchain tracker Spotonchain.ai showed.
The tracker also showed that in just a span of 10 days, Buterin moved 2,421 ETH, worth around $3.79 million, to various centralized crypto exchange platforms, with a chunk of the funds transferred to Kraken, Bitstamp and Paxos. All the transactions initially started with a 0.1 ETH transfer.
Just like dormant Bitcoin transactions and moves made by whales, Buterin’s crypto transfers always make headlines.
While it is not clear what motivated Buterin’ to move his funds to centralized exchanges, the crypto community speculates he was just redistributing his funds to his wallets to mitigate hacking or theft risks, which is a common practice among high-profile individuals with huge holdings in the crypto space.
Some claim that Buterin is possibly taking a profit or cashing out considering that the market is currently experiencing a downturn.
Earlier this month, Buterin liquidated his remaining stake in MakerDAO – worth about $580,000 – after its co-founder and CEO Rune Christensen publicly praised Solana blockchain’s codebase.
In late August, an address linked to Buterin moved 3,000 ETH, equivalent to approximately $4.9 million at the time, to a Vb 2 labeled address.
