Ethereum Co-Founder Vitalik Buterin Transfers $6M Worth Of ETH In A Month — What’s Happening? By Benzinga
Benzinga – Vitalik Buterin, the co-founder of Ethereum (CRYPTO: ETH), on Monday transferred 3,000 ETH, equivalent to approximately $4.9 million, to a labeled address known as Vb 2.
What Happened: According to Etherscan data, the transaction increased the total value of ETH held in the wallet to roughly 3,018 ETH, valued at $5 million.
The reasons behind the transfer and the recipient’s identity remain undisclosed.
Buterin has a history of selling portions of his ETH holdings over the past five years and publicly disposing of tokens received in unplanned altcoin airdrops.
A possible reason behind this transfer could be that Buterin is taking measures to diversify and secure his funds by redistributing them among his different wallets. By doing so, he aims to mitigate the risk of hacking or theft.
See More: A Stay At The Floating Palace From James Bond’s ‘Octopussy’
Why It Matters: Interestingly, this development follows Buterin’s recent transfer of 600 ETH, valued at approximately $1 million, to the crypto exchange platform Coinbase. In the span of one month, Buterin has transferred a total of approximately $6 million worth of ETH.
Currently, Buterin’s known Ethereum address holds approximately 73 ETH, with an estimated value of around $119,865.
Price Action: At the time of writing, ETH was trading at $1,651.29, up 0.11% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Rise Without New Triggers: Analyst Is ‘Comfy, Long, And Accumulating’ After Foreseeing Market Reversal
Photo by TechCrunch on Flickr
Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Get The App
Join the millions of people who stay on top of global financial markets with Investing.com.
Download Now
