The allegations surfaced after a community member on X accused vitalik Buterin of selling over $2M in ETH following a positive tweet.
Vitalik Buterin, one of the co-founders of Ethereum, has denied the charges that he illegally sold millions of dollars’ worth of Ether for his own personal gain.
According to him, the sole reason he sold his Ethereum holdings was to contribute to a number of different cryptocurrency projects and charitable endeavors. On August 30, a member of the cryptocurrency community on X made the accusation that Buterin had sold more than two million dollars’ worth of Ether after posting a positive tweet.
Lookonchain, a company that specializes in blockchain analytics, also claimed that the same wallet address was the recipient of 3,000 ETH from the business developer on August 9.
Buterin responded to X’s post on August 31, defending his legitimate right to profit from the sale of some of the ETH tokens he had earned over the previous seven years.
Vitalik Buterin has not sold Ether since 2018
According to vitalik Buterin, he has not sold any ETH for the purpose of making a profit; rather, he has done so in order to financially assist a variety of Web3 projects and charitable organizations:
“I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity (eg. biomedical R&D).”
As a result of the discovery, community members expressed their support and enthusiastically pushed Buterin to sell ETH for financial gain. One of the people who used X said, “Don’t even defend it; you deserve the yacht, too.”
Ethereum supports DeFi growth
Buterin has lately defended Ethereum from allegations that the blockchain “doesn’t care” about decentralized finance (DeFi). They have made these allegations.
Kain Warwick, the creator of yield farming said in a statement that Buterin is not perfect and does not think he is infallible, especially when it comes to his position on DeFi.
“One of the most critical things that he’s gotten wrong over the last five years is the importance of DeFi.”
In response to a similar complaint made by MilliÞ, a user of X, Buterin reiterated his wish to see apps that are beneficial and sustainable while yet preserving the two core concepts of the network, which are permissionlessness and decentralization.
The co-founder of Ethereum also expressed his distaste for “things whose attractiveness comes from some temporary source that has no sustainability.”
