YEREVAN (CoinChapter.com) — Vitalik Buterin, the co-founder of Ethereum, transferred 3,000 ETH—valued at about $8 million—into a multi-signature wallet on August 5, 2024. Lookonchain, a blockchain tracker, reported that the funds were moved from a wallet identified as “Vb 3” to Buterin’s well-known “vitalik.eth” wallet.
The reason for this large transfer is currently unknown. Some speculate it might be a donation, though this hasn’t been confirmed. The transaction incurred a gas fee of around 0.1 ETH, approximately $270 at the current rate. The use of a multi-signature wallet, which requires multiple approvals for transactions, emphasizes the focus on security.
Vitalik Buterin Stresses Wallet Security Amid High Ethereum Gas Fees
Vitalik Buterin has highlighted the importance of security within the Ethereum network. Recently, he addressed concerns about Ethereum’s fluctuating gas fees, stating,
“Losing 100% of your money to a wallet screw-up is more expensive than any gas fee, and more of a loss than any DeFi yield can make up for.”
Buterin’s statement underscores the priority of transaction security on the Ethereum network, even as gas fees remain a topic of discussion. In 2024, fees have been notably high compared to the previous year, peaking at an average of $30 per transaction in March, according to Bitinfocharts. As of now, the average fee has dropped to around $2.4.
Vitalik.eth Wallet Holds Over $1 Million in ETH
Buterin’s “vitalik.eth” wallet currently holds about 400 ETH, worth over $1 million. The recent transfer from the “Vb 3” wallet, which contains 245,223 ETH (valued at around $570 million), adds interest to Buterin’s financial activities.
Previously, Buterin has used privacy protocols like Railgun for crypto transfers, enhancing security and anonymity. These methods make it challenging to determine the exact purpose behind such transfers.
Ethereum Gas Fees Still a Point of Contention
Ethereum gas fees, despite a recent decrease, remain a significant issue for users. Analysts from CryptoQuant have noted that Ethereum prices often rise when gas fees increase.
Currently, Ethereum is trading at $2,671.62, marking a 10.09% increase within the last 24 hours. The market cap stands at approximately $321.3 billion, with a trading volume of $23.04 billion over the same period. The circulating supply of Ethereum is 120,263,205 ETH, as shown in the chart provided by CoinMarketCap.
The post Vitalik Buterin Moves $8 Million in ETH: Security Takes Priority Over Gas Fees appeared first on CoinChapter.
