Ethereum: Fears Vitalik Buterin Selling 90K ETH as $25M Hits Exchanges
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Commentators worried after three giant token transfers sent over 200,000 ETH to three major exchanges on Christmas Day.
Funds’ source “likely whale or Buterin”
As noted by blockchain analytics service ViewBase, the wallet contained over 300,000 ETH before the transaction and received most of its content from Buterin several years previously.
“The whale is likely an ETH dev or VB himself,” it summarized in accompanying comments.
The total value of the three transactions is $25.5 million. Responding to ViewBase, commentators immediately raised concerns that Buterin or an associated investor was planning a major sell-off.
Repeat panic over ETH dumping
Buterin has not participated in the discussion, which forms the third round of rumors regarding an ETH liquidation in recent days.
In an interview earlier in December, Buterin revealed he personally orchestrated the sale of $70,000 ETH in 2018, when the altcoin was trading around its all-time high. The proceeds were worth $100 million.
As Cointelegraph reported, last week, a 789,000 ETH transfer between two wallets known to be controlled by the Ponzi scheme PlusToken triggered further concerns.
The mood among pundits has become increasingly hostile towards Ethereum as 2019 draws to a close, developers earning scorn for their management of the network’s major update roadmap.
The largest altcoin is undergoing two hard forks in a matter of weeks, something well-known Bitcoin (BTC) supporter Udi Wertheimer has described as “absurd.”
ETH/USD has declined around 17% since the start of December. Against its 2019 highs of $335, the pair is down over 60%.