Ethereum co-founder Vitalik Buterin has clarified the reason behind his latest Ethereum (ETH) sale, which caused a stir in the crypto community.
The sale, which took place on September 11, saw 190 ETH converted into 441,971 USDC. This transaction was made through a pre-set automated system, which Buterin has now explained in detail.
Buterin’s Automated ETH Sale: The Details
On August 29, Buterin set up an automatic cowswap TWAP order that triggered the sale of 190 ETH on September 11. According to blockchain analysis firm Lookonchain, the transaction was part of a broader strategy. Buterin confirmed it, stating it was the last Ethereum sale tied to this particular order.
Blockchain data reveals that Buterin gradually sold ETH over the past two years. He collected 2.27 million USDC from these sales, recently depositing the funds into the Aave protocol. The crypto community has closely monitored this steady offloading of Ethereum, yet Buterin has consistently maintained transparency about his actions.
No Personal Profit Since 2018, Says Buterin
While the recent sale sparked questions, Buterin has been clear that these transactions are not for personal profit. He previously stated that he hasn’t sold any tokens for personal gain since 2018. His latest sale aligns with his broader strategy for managing his Ethereum holdings.
Buterin’s statement was aimed at clarifying any potential concerns about his role within the Ethereum ecosystem. The transparency surrounding the sale helped prevent any unfounded speculation regarding the future of Ethereum.
Buterin Advocates for Stronger Standards in the Ethereum Ecosystem
In addition to addressing the ETH sale, Buterin took the opportunity to call for stricter standards across the Ethereum ecosystem. He emphasized that projects should meet “stage 1” criteria. This means that projects need a fraud-proof system, a security council, and an upgrade mechanism to ensure accountability.
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