Ethereum co-founder Vitalik Buterin's crypto wallet has seen a surge in activity, with a series of large transactions totaling over $3.9 million, according to blockchain analytics firm Spot On Chain. This increase in activity coincides with a period of heavy selling pressure in the market, reported Coin Gap.
On Wednesday, Buterin clarified that these transactions are not for personal gain but typically for humanitarian causes. The beneficiaries then sell the received Ether (ETH) to cover their operational costs. He hasn't sold any Ether since 2018, despite frequently receiving tokens from new digital currency projects on the Ethereum platform.
In early October, during this market stress, Buterin transferred $1.64 million of Ethereum to the Bitstamp exchange. His wallet transferred 400 ETH ($0.63 million) to Coinbase (NASDAQ:COIN) on September 25, 2023, as part of a series of deposits totaling 2,421 ETH ($3.94 million) since September 15. Other exchanges like Kraken, Bitstamp, and Paxos also received 321 ETH, 1,700 ETH, and 500 ETH respectively in mid-September.
A wallet named "Vitalik.eth" transferred 600 ETH to Coinbase a month ago, as reported by CoinCu. Another associated wallet, "Vb 2," transferred 2,000 ETH ($4.9 million) to the address managing these transactions. Additionally, the wallet exchanged 500 Maker (MKR) tokens for 350 ETH and $3.12 million in ETH.
Buterin also moved $15 million USDC stablecoin to the Geminai exchange recently. He received a $15 million grant from a Biotechnology Foundation for COVID-19 research, contributing to the increased activity in his wallets.
Another wallet linked to Buterin holds 37,000 ETH and has seen significant transactional activity over the past year. Despite his request not to be sent tokens, Buterin continues to donate these to charities and non-profit organizations, particularly during the Coronavirus pandemic, using this method.
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