Ethereum Co-Founder Vitalik Buterin Transfers $6M Worth Of ETH In A Month — What's Happening?

Vitalik Buterin, the co-founder of Ethereum ETH/USD, on Monday transferred 3,000 ETH, equivalent to approximately $4.9 million, to a labeled address known as Vb 2.

What Happened: According to Etherscan data, the transaction increased the total value of ETH held in the wallet to roughly 3,018 ETH, valued at $5 million.

The reasons behind the transfer and the recipient’s identity remain undisclosed.

Buterin has a history of selling portions of his ETH holdings over the past five years and publicly disposing of tokens received in unplanned altcoin airdrops.

A possible reason behind this transfer could be that Buterin is taking measures to diversify and secure his funds by redistributing them among his different wallets. By doing so, he aims to mitigate the risk of hacking or theft. 

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Why It Matters: Interestingly, this development follows Buterin’s recent transfer of 600 ETH, valued at approximately $1 million, to the crypto exchange platform Coinbase. In the span of one month, Buterin has transferred a total of approximately $6 million worth of ETH.

Currently, Buterin’s known Ethereum address holds approximately 73 ETH, with an estimated value of around $119,865. 

Price Action: At the time of writing, ETH was trading at $1,651.29, up 0.11% in the last 24 hours, according to Benzinga Pro.

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