Ethereum Co-Founder Vitalik Buterin Selling ETH Holdings, This Might Be Reason

According to blockchain security firm PeckShieldAlert, Ethereum creator Vitalik Buterin recently moved 200 ETH to the Kraken crypto exchange.

Investors often move their crypto to exchanges when they are looking to sell. This often attracts a transaction cost, which might imply there is an intent behind such moves.

#PeckShieldAlert vitalik.eth has transferred 200 $ETH to Kraken within the last 1 hourhttps://t.co/1kkcQ1ZAbO pic.twitter.com/9T4VC0fSmX

— PeckShieldAlert (@PeckShieldAlert) March 13, 2023

That said, the Ethereum creator likely needed the funds for a specific purpose, such as funding a fresh project or covering expenditures, although the exact reason for the transaction remains unknown.

At the time of writing, ETH was up 13% in the past 24 hours at $1,656.

Reflexer received 500 Ethereum from Vitalik Buterin’s designated address over the weekend, according to PeckShieldAlert. Later, he minted the 150,000 Rai Reflex Index (RAI).

The address subsequently exchanged 17,500 RAI for 50,000 DAI, and then 132,500 RAI for 378,500 USDC.

In the past week, Buterin sold some of his altcoin holdings, later declaring that the coins had “no cultural or moral value.”

For 58 ETH, Buterin sold 9.9 billion CULT tokens, CultDAO’s native token. In addition, he sold his BITE and MOPS stakes. The sales came to 220 ETH in total.