Vitalik Buterin Moves $29 Million Worth of Ethereum—Here's Why
Vitalik Buterin has recently moved 14,000 ETH from his wallets, including $500,000 sent to his Kanro charity. Last week, he announced plans to withdraw $44.7 million of his personal funds to support the Ethereum Foundation during a period of "mild austerity." He converted 13,217 ETH (about $29 million) to Wrapped Ethereum; $2.3 million of ETH was sold and $500,000 went to Kanro. His ETH holdings decreased from around 241,000 to 227,268 ETH (worth about $498.5 million), which remains the majority of his $532.9 million portfolio. Historically, his holdings peaked at over $1 billion in 2021 when he held 333,520 ETH. Buterin has sold ETH in the past, including a 2015 sale to Mike Novogratz. Recently, he criticized the slow progress and scalability of Ethereum layer-2 networks, suggesting that reliance on L2s no longer aligns with Ethereum’s current vision and advocating for a new approach to scaling. As of Wednesday morning, ETH was trading at about $2,090, down 29.9% from the previous week.
