A wallet linked to Ethereum founder Vitalik Buterin has started to carry large amounts of altcoins to OKX. The size of the transfer and previous transactions raise concerns because of a potential risk of selling.
Vitalik Buterin transfers $4 million worth of altcoins to OKX
As Lookonchain revealed in its latest report, Vitalik Buterin recently transferred 2,013 Ethereum (ETH) worth about $4 million to OKX wallet. This transaction represents the last of Buterin’s recent massive transfers.
The wallet in question “0x9e92” received 22,300 ETH from Vitalik Buterin from December 30, 2022 to May 18, 2023. There were transfers between Buterin and 0x9e92, amounting to $41.6 million. It is noteworthy that the majority of Ethereum transfers come when the price is at local highs.
Vitalik Buterin sold ETH worth $30 million last month
Lookonchain reported last month that Vitalik Buterin has sent nearly half a million worth of Ethereum to a major exchange. After that, the Ethereum Foundation did the same. But it transferred a lot more Ethereum to the same platform. Total transfers amounted to approximately $30 million.
Lookonchain shared that the vitalik.eth wallet is the first wallet to move 200 ETH (around $400,000) to Kraken. Following Buterin’s transaction, the Ethereum Foundation also transferred 15,000 ETH to Kraken.
It seems that Buterin sells Ethereum for roughly the same amounts from time to time. In mid-February, he sold 210 ETH in USDC stablecoin for about $325,000. This transaction again took place on Kraken.
May saw $6.56 million worth of ETH transfers
Earlier, in May, Vitalik Buterin transferred a total of 17,800 ETH worth around 33 million. This transfer of Vitalik took place within 24 hours of moving 3,500 ETH worth approximately $6.56 million to a different wallet.
cryptocoin.com As we reported, the sale in May was followed by the 5.4% decrease in the ETH price.
Vitalik in particular has been on a sales spree since the year started. In the first week of March 2023, Lookonchain detected several altcoin transactions associated with Vitalik. On-chain data also shows that Vitalik and the Ethereum Foundation tossed over 15,000 ETH via Kraken at the same time in March.
Ethereum founder finds staking solutions unsafe
Recently, Buterin advised investors not to stake all ETH balances at once. Instead, the founder recommends staking only a small amount:
Because if you stake your ETH, the keys accessing it must be publicly available in a subsystem that is online. For security this needs to be a Multisig, setting up Multisig for staking is still quite difficult, it gets complicated in many ways.
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