Home » Clarification from Vitalik Buterin on Recent Crypto Transfers to Exchanges

Clarification from Vitalik Buterin on Recent Crypto Transfers to Exchanges

Regarding recent transfers, Vitalik Buterin clarified that, since 2018, he has never sold Ethereum for his own benefit.

by V. Sinclair
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The market has been buzzing recently thanks to big cryptocurrency movements made by Vitalik Buterin, the co-founder of Ethereum. Buterin just sent $15 million USDC to the cryptocurrency exchange Gemini.

Clarification from Vitalik Buterin on ETH Transfers

The co-founder of Ethereum has come clean and explained his intention behind selling these coins, although the cryptocurrency world is still perplexed about the motivation behind these transfers. Buterin observed in one of his most recent posts:

The phrase “Vitalik sends XXX ETH to [exchange]” in an article almost often refers to a donation I made to a charity, nonprofit organization, or other endeavor. The receiver then sells the funds because, well, they have expenses to pay. Since 2018, I haven’t “sold” ETH for monetary benefit.

In the early stages of their introduction on Ethereum, new cryptocurrency projects send Vitalik Buterin their tokens, which he then gets in his wallet along with other cryptocurrencies. Because of this, the co-founder of Ethereum has made it a habit to give away all of the cryptocurrency he receives on a regular basis.

Buterin was a frequent giver throughout the COVID-19 era and has contributed millions of dollars to assist those who were affected get through the challenging time.

He has, however, become considerably more active during the past month, making frequent transfers to the exchanges. This is interesting since it occurs at a time when the market has been under intense selling pressure, which has the crypto community wary. Buterin also sent $1.64 million worth of ETH to the Bitstamp market earlier in October.

Dispersed Staking

The co-founder of Ethereum has been largely focused on the changes occurring within the Ethereum ecosystem in addition to the transfers.

Co-founder of Ethereum Vitalik Buterin recently wrote about the future of staking with an emphasis on fixing the current problem of centralization in the Ethereum ecosystem. He places emphasis on the need for adjustments that can rebalance the system and encourage more decentralization.

Buterin also discusses the power imbalance among Ethereum’s liquid staking providers, pointing out that the well-known liquid staking pool Lido currently possesses more than 32% of the staked ether.Buterin is looking for more substantial remedies to address these problems.

Buterin is thinking about changing the protocol in order to encourage stakeholders to expand their selection of staking providers rather than only relying on moral argumentation to improve the decentralization of liquid staking within Ethereum.

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