Ethereum co-founder Vitalik Buterin has denied claims that he sold millions of dollars worth of Ether for personal gain. He said he sold his ETH holdings to support various crypto projects and charitable causes. On Aug. 30, someone from the crypto community on X accused Buterin of selling over $2 million worth of Ether after posting a positive tweet about it.
An on-chain analytics firm, Lookonchain, also pointed out that the same wallet address had received 3,000 ETH from Vitalik Buterin on Aug. 9. In response, the co-founder addressed an X post on Aug. 31, defending his right to profit from selling a portion of the ETH tokens he has accumulated over the past seven years.
Buterin described supporting Web3 and charities
Vitalik Buterin clarified that he sold ETH to support Web3 projects and charitable causes, not for personal profit. Specifically, he believes Web3 offers new opportunities for financial empowerment and transparency.
Moreover, he explained that all sales since 2018 have funded valuable initiatives within Ethereum and broader charitable efforts, including biomedical research and development. Consequently, the news got a lot of backing from the community, with many people urging Buterin to profit from Ethereum
Ethereum backs DeFi expansion
Buterin has recently defended Ethereum, denying accusations that the blockchain isn’t invested in decentralized finance (DeFi). Kain Warwick, who invented yield farming, commented that Buterin isn’t a maximalist and acknowledges that he can be wrong, especially regarding his views on DeFi.
In reply to a similar allegation from an X user, MilliΞ, Buterin highlighted that he wants to see practical and sustainable apps. Additionally, he emphasized that these apps should stay true to the network’s fundamental values of being permissionless and decentralized.
The Ethereum co-founder also mentioned that he doesn’t respect things that seem appealing just because of a fleeting trend with no long-term potential.
