Vitalik Buterin clarifies transferring Gemini $15 million worth of USDC

Vitalik Buterin, a co-founder of Ethereum, was reportedly seen transferring a whopping $15 million worth of USDC to Gemini, a crypto exchange firm. The purpose behind this transfer was not revealed; however, reports claimed that this is not the only transfer that Vitalik has conducted in recent days. Buterin clarifies on this that he hasn’t conducted any transactions for years with the intent of achieving personal gain.

For instance, Vitalik transferred approximately $3.9 million from his wallet in September alone. Another transaction saw him transfer a hefty amount of $600,000 (in 400 ETH) to Coinbase on September 24, 2023. Such transactions continue to create a stir in the world of crypto with no clear intention behind them. Buterin said that if people read something that says he gave away some of his ETH to an exchange, it’s not him selling it. Instead, the people he gave the ETH to, like charities or non-profits, might be selling it to pay for what they need.

The effect of these transfers is also evident in the native token of Ethereum, ETH. The token reportedly fell by 0.68% when the transfer to Gemini exchange came to light. ETH was last seen being traded at $1,585.29, a slip of 0.92% in the last 24 hours. ETH is also far from the resistance mark and the most speculated figure of $1,800.

When Vitalik transmits substantial amounts of ETH to cryptocurrency firms, such fluctuations are common. There may be more transactions in the future as vigilant blockchain investigators continue to monitor his wallet’s activities. Vitalik Buterin has not commented on these transfers, leaving the community to speculate whether they are being performed to cause fluctuations in ETH or to aid crypto ventures.

The most recent transfer to Gemini was done only after he received the sum from Kanro, a charity he is affiliated with. The transaction with the charity dates back to October 14, 2023, while the transfer to Gemini is the most recent one. He is also credited with transferring half a million dollars to Coinbase just three days before transferring the sum to Gemini.

The community has responded positively to these transfers. Most of them are predicting that the transfer has been done, probably for a good cause. Others are guessing that it could be to play with the price of the token, bringing it down so that people can buy more. That could be a possibility, but nothing can be pinned down at the moment.

The most recent words from Vitalik on X, formerly Twitter, were about protocol and staking pool changes. He highlighted that such changes could positively improve the concept of decentralization while bringing down the consensus overhead. There has been no word from his side on this matter.

Vitalik has also recently hosted an AMA on X, stating that he will be taking a vacation from his break from Twittering. The Ask-Me-Anything (AMA) sessions are a great way to connect with influential and public figures. Assuming he once again conducts an AMA session, a number of community members may want to know the rationale behind his sizable transfer to Gemini and other crypto ventures.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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