According to recent data from Lookonchain, a wallet associated with Ethereum (ETH) cofounder Vitalik Buterin, has once again made a large Ethereum transfer. And once again, this transfer looks like a cashout by the visionary behind the major altcoin.
The wallet identified as “0xD04d” transferred 1,300 ETH, valued at approximately $3.17 million, to wallet “0x5567” just an hour ago. Following the transfer, the recipient wallet deposited 74.17 ETH, worth $181,000, into Paxos.
This movement is reminiscent of a previous transaction, where 1,000 ETH, worth approximately $2.45 million, were transferred from wallet “0xD04d” to wallet “0x5567” 348 days ago. On that occasion, the 1,000 ETH were later deposited to Bitstamp, an old major crypto exchange.
Wallet “0xD04d” has a history of receiving large amounts of Ethereum. It is reported that 70,000 ETH, worth $171.5 million, was transferred from another wallet, “Vb 3,” which may belong to Vitalik Buterin or people closely associated with him, such as relatives or friends, Lookonchain reports.
What does Buterin do?
The latest transfer continues a pattern of selling moves by Buterin-related wallets, during periods of ETH price increases. The last time such an alleged sale by Buterin occurred, the community erupted with controversy and interrogated the founder of Ethereum as to why he would sell the token.
What’s more, the Ethereum community is piling on that Buterin is doing this despite “bullposting” on social media about the altcoin.
Thus, it turns out that while Buterin is whipping up excitement about the future of Ethereum with his right hand, he is deliberately dumping millions of dollars worth of the altcoin with his left.
But what is the endgame for the renowned crypto visionary?