Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Vitalik Buterin Slammed by Bitcoin Maxi, but Erik Voorhees Comes to Rescue

Published 2024-05-25, 07:56 a/m
© Reuters.  Vitalik Buterin Slammed by Bitcoin Maxi, but Erik Voorhees Comes to Rescue
BLK
-
ETH/USD
-
ETH
-

U.Today - Andrew Howard, CBO at Jan3 company spearheaded by Samson Mow, has sent a critique against Ethereum founder Vitalik Buterin for dumping almost $100 million worth of ETH on the market six years ago, when the ETH price reached an all-time high.

Several Bitcoiners, including major figure in the community Erik Voorhees, have stood up to Howard to defend Buterin.

Howard jabs Buterin, Erik Voorhees defends Buterin

In his tweet, Andrew Howard recalled that Vitalik Buterin had admitted to public selling of 70,000 ETH back in 2018, when the second largest cryptocurrency reached a historic price peak of $1,119.

At that price, the amount of ETH sold by Buterin comprised a massive $95,550,000. Howard pointed out that Buterin “dumped it on ETH holders.” He compared Buterin to the mysterious Bitcoin creator Satoshi Nakamoto, stating that “Satoshi still hasn't sold one single Bitcoin. Ever.”

Bitcoin maximalist and CEO of the ShapShift crypto exchange stepped in to defend Vitalik Buterin. The Bitcoin entrepreneur reminded Howard that Buterin had created $400 billion value using an investment of $18 million, and now “maxis mad that he profited 0.025%” of it.

Crypto community engages in heated debate

In the comment thread, the crypto community started an agitated discussion of Howard’s tweet. Many called Ethereum centralized, accusing Buterin of holding single-handed control over the total ETH supply, and calling Ethereum an unregistered security.

One X user, however, assumed that it is unknown whether Satoshi Nakamoto indeed kept all his Bitcoin unsold and did not profit on it.

Ethereum ETFs green-lit by SEC

Earlier this week, the American Securities and Exchange Commission issued approval for spot Ethereum exchange-traded funds on several filings submitted at the start of the year.

Among the Wall Street companies that filed for Ethereum ETFs were BlackRock (NYSE:BLK), VanEck, Grayscale and Ark Invest. Overall, the same companies that got spot Bitcoin ETFs approved in mid-January then filed for launching similar products based on the second biggest crypto, Ethereum.

This decision came out unexpectedly, since many experts did not believe that the SEC would take so little time to approve these products. However, prior to the announcement, several funds updated their filings by removing ETH staking from them, since recently Coinbase (NASDAQ:COIN) and Kraken were sued by the SEC for launching crypto staking services.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.