Another Vitalik Buterin funded wallet has recently dumped 1,300 ETH in just 11 days, raising eyebrows in the cryptocurrency community. The wallet, identified as “0x556,” received a substantial amount of 1,300 ETH ($3.21 million) on September 19 from another wallet controlled by Ethereum co-founder Vitalik Buterin, known as “0xd04.” This transfer marked the beginning of a series of sales that culminated in a total of over $3 million worth of ether being sold in a short period.
According to reports from analytics platform Spot On Chain, the wallet “0x556” made a transfer of 649 ETH (approximately $1.72 million) to the cryptocurrency exchange Paxos on September 30. This transaction was just one of many that took place over the course of 11 days, indicating a significant amount of activity within the wallet.
Interestingly, this is not the first time that these wallets have exchanged funds. In the past, the wallet “0xd04” had sent 2,000 ETH valued at $5.265 million in September 2023, followed by a transfer of 999 ETH valued at $2.63 million the same month. Additionally, another transfer of 1701 ETH valued at $4.47 million was made the month before, bringing the total amount of ether received by “0x556” to 5,999 ETH.
While some speculate that these transfers are indicative of Vitalik Buterin’s attempts to profit from his holdings, the Ethereum co-founder has publicly denied these allegations. He has reiterated that he has not sold ETH for personal gains since 2018 and clarified that the sales funded by accounts linked to him are either to support valuable Ethereum ecosystem projects or for philanthropic purposes.
Despite Buterin’s explanations, concerns have been raised within the community regarding the influence he wields over Ethereum’s direction. Cardano founder Charles Hoskinson has likened Ethereum’s governance model to a “dictatorship” driven by Buterin’s pivotal decisions. These criticisms come at a time when the cryptocurrency space is closely watching the movements of key figures like Buterin and the impact they have on the market.
As the cryptocurrency landscape continues to evolve, the actions of influential figures like Vitalik Buterin will undoubtedly be scrutinized for their potential implications on the industry as a whole. The recent series of transfers involving Buterin-funded wallets highlights the complexities and nuances of the cryptocurrency market, underscoring the need for transparency and accountability in the space.