Vitalik Buterin, the co-founder and prominent figure of Ethereum, has responded to criticism regarding the Ethereum Foundation’s significant ETH sales.
In a recent post on X, Buterin discussed the “important next steps” for Ethereum and addressed inquiries about the Foundation’s recent ETH sales. In response to concerns about “dumping,” he clarified that he has not sold any ETH in the last month and mentioned that his personal holdings have actually increased.
Buterin explained that the Ethereum Foundation’s sales were necessary to fund various crucial initiatives. He emphasized that these funds support researchers and developers who are working on key projects, including measures to prevent Ethereum from losing 5 million ETH annually to proof-of-work mining, keeping transaction fees low, and ensuring faster transaction processing times through EIP-1559.
Furthermore, he highlighted the Foundation’s contributions to zk technology, which enables private ETH usage, as well as their organization of ETH-focused events worldwide, many of which do not prominently feature the Foundation.
READ MORE:
Bitcoin Set for $100,000 Rally Amid Strong Institutional Demand and Economic Trends
Recently, Whale Alert, a blockchain tracking service, reported two significant ETH transfers to Coinbase, the largest cryptocurrency exchange in the U.S. Each transaction involved 149,999 ETH, valued at approximately $381.4 million, totaling around $762.8 million. Both transactions originated from unknown blockchain addresses, sparking speculation within the crypto community about their purpose, with some suggesting they could be part of a liquidity test or hinting at upcoming developments.
