Wallet Linked to Vitalik Buterin Sells Off $3.75 Million in Ethereum

InfoNesia.xyz – A wallet believed to be controlled by Ethereum co-founder Vitalik Buterin sold 3,000 ETH over the weekend, converting the cryptocurrency into U.S. Dollar-backed stablecoins via the decentralized exchange Uniswap.

The moves were made in the middle of the night early Saturday morning, less than 24 hours after news broke that FTX and its affiliated entities had filed for Chapter 11 bankruptcy in the U.S.

Vitalik Buterin( @VitalikButerin) sold 3,000 $ETH ($3.75M) on #Uniswap 2 days ago.

His selling price is $1,250.3.https://t.co/3tsa4kaHNb pic.twitter.com/ZdWcOaL86Q

— Lookonchain (@lookonchain) November 14, 2022

Three transactions of 1,000 ETH each were sent from the wallet ending in 52b0 to Uniswap and then further split into denominations of different stablecoins, according to Etherscan data.

Varying amounts of the 3,000 ETH were swapped into USDC, USDT, DAI, and wrapped Bitcoin—but ultimately, the entire amount was converted into USDC. The transactions all occurred around 3 am Argentina time on Saturday.

Buterin, who attended LaBitConf in Argentina last week, expressed his disapproval of FTX CEO Sam Bankman-Fried hours before the funds were moved.

“This year we’ve seen a huge number of things that break because they have a model which is fundamentally bad,” Buterin said when asked about FTX and other crypto companies that have collapsed this year.

Buterin also likened Bankman-Fried to a “1930s dictator,” implying that he saw a cult of personality of sorts surrounding the now-infamous executive.