Ethereum Co-founder’s Crypto Wallet Shows Increased Activity Amid Charity Donations

Co-founder Vitalik Buterin’s cryptocurrency wallet has experienced a significant uptick in activity, with a series of large transactions amounting to over $3.9 million, as reported by blockchain analytics firm Spot On Chain. This surge aligns with a period of notable selling pressure in the market, according to Coin Gap.

On Wednesday, Buterin clarified that these transactions are not undertaken for personal financial gain, but rather for humanitarian purposes. The recipients typically convert the received Ether (ETH) to cover their operational expenses. Notably, he has not sold any Ether since 2018, despite regularly receiving tokens from various new digital currency projects built on the Ethereum platform.

In early October, amid market volatility, Buterin transferred $1.64 million worth of Ethereum to a major exchange. His wallet transferred 400 ETH (approximately $0.63 million) to another well-known exchange on September 25, 2023, as part of a broader series of deposits totaling 2,421 ETH (around $3.94 million) since September 15. In mid-September, he also moved 321 ETH, 1,700 ETH, and 500 ETH to various exchanges.

A wallet associated with Buterin sent 600 ETH to one of the exchanges a month ago. Another linked wallet transferred 2,000 ETH (approximately $4.9 million) to the address handling these transactions. Additionally, this wallet exchanged 500 Maker (MKR) tokens for 350 ETH and about $3.12 million in ETH.

Recently, Buterin relocated $15 million in USDC stablecoin to another exchange, following a grant of the same amount he received from a Biotechnology Foundation for COVID-19 research. This has contributed to the heightened transaction activity in his wallets.

Another wallet connected to Buterin has in its holdings 37,000 ETH and has shown significant transactional activity over the past year. Despite his request to avoid receiving tokens, Buterin continues to donate these to various charities and non-profit organizations, especially during the Coronavirus pandemic, utilizing this method of support.