Ethereum co-founder Vitalik Buterin transferred 400 ETH (~$1.05 million) to the crypto mixer Railgun, sparking curiosity in the industry as ETH trades near $2,600.
In the most recent development, Vitalik Buterin, the co-founder of Ethereum, transmitted a substantial 400 ETH, which is valued at $1.05 million, to the crypto mixer Railgun.
The crypto industry is closely monitoring the development as the ETH price hovers around $2,600, despite the fact that the motivation behind this transfer remains unknown.
Vitalik Buterin is advocating for Railgun.
This is not the first time that Buterin has transferred his ETH to the privacy-focused mixer Railgun. Railgun has been previously emphasized as an effective method of protecting users’ privacy, and the Ethereum co-founder has been a strong advocate for privacy tools..
In 2024, Buterin has transferred a total of 662 ETH valued at $1.91 million to Railgun and has frequently used the platform over the past 10 months.
This most recent transaction serves as an example of Buterin’s ongoing advocacy for privacy-enhancing technologies in the cryptocurrency sector. After Vitalik Buterin transferred $500K worth of ETH to an unknown address last week, this development has occurred.
Despite the significant progress that Ethereum has made as a public blockchain network, the demand for user privacy remains high, and Buterin is currently working to resolve this issue.
Buterin, the co-founder of Ethereum, previously advocated for platforms such as Tornado Cash. However, following numerous legal challenges against the crypto aggregator, he transitioned to Railgun.
Buterin and ETH Donations
Vitalik Buterin has a history of crypto donations. The Ethereum co-founder transferred $8 million in ETH to a new multisignature crypto wallet earlier this month.
Additionally, Buterin has donated numerous altcoins that were given to him by various crypto initiatives, in addition to Ethereum.
In contrast, the daily trading volumes have surged by 44%, surpassing $10 billion, as the Ethereum price continues to hover around $2,600. The ETH whale activity has been on the rise, with whales unloading over $60 million in ETH last week.
It will be intriguing to observe whether the bull can maintain the $2,600 support level, thereby leveraging future ETH activity to reach $3,000 and beyond.
