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Ethereum Co-Founder Buterin Shifts Huge ETH Holdings to Coinbase — New Downtrend Soon?

Published September 25, 2023 8:28 AM
Teuta Franjkovic
Published September 25, 2023 8:28 AM

Key Takeaways

  • Ethereum’s co-founder Vitalik Buterin deposited $630,000 worth of ETH into Coinbase.
  • Observers are uncertain if transactions reflect a broader strategy or just portfolio management.
  • Crypto market has been volatile recently.
  • Any significant moves by key players can impact market dynamics.

Vitalik Buterin, Ethereum’s co-founder, recently deposited a substantial amount of ETH, approximately $0.63 million, into Coinbase during a volatile crypto market. This move has left his intentions and strategy unclear, adding suspense to his cryptocurrency actions.

Buterin is one of the most well-known individuals in the cryptocurrency industry. While the cryptocurrency market struggles with unpredictability, Buterin’s moves have generated interest and rumors.

A Standard Transaction?

Data from the Ethereum blockchain scanning tool Etherscan  show that Buterin made the most recent transfer into Coinbase on Monday, depositing 400 ETH worth approximately $630,000. Many in the crypto world are considering the consequences of this shift.

Meanwhile, Buterin’s ongoing cryptocurrency deposits follow a recent pattern of transactions, adding intrigue to his intentions. His wallet has seen significant ETH movements in the past week, leaving uncertainty about whether this is routine portfolio management or part of a larger strategy.

Looking at Buterin’s most recent transactions, the mystery surrounding his transfer activity intensifies. His wallet address delivered 300 ETH to Kraken, another well-known cryptocurrency exchange, in addition to the 400 ETH put on Coinbase. Additionally, 200 ETH moved from his wallet into USDC, a stablecoin pegged to the US dollar.

Possible Consequences for the Crypto Market

Vitalik Buterin’s recent actions are drawing significant attention, particularly in a volatile market. As an Ethereum co-founder, his moves can sway investor sentiment, yet his intentions remain unclear.

Ethereum, the second-largest cryptocurrency, saw a 3.5% drop last week amidst market turbulence. Key players’ actions can profoundly impact the overall market narrative in such conditions.

His activities and transactions are being intently watched by market participants and enthusiasts who are trying to determine how they might affect Ethereum and the larger cryptocurrency market.

In a recent interview , Buterin mentioned that Ethereum might be better equipped to resist government intervention, especially with the current implementation of a proof-of-stake consensus mechanism.

Buterin clarified that proof-of-stake offers better anonymity and resistance to shutdown attempts than proof-of-work. He pointed out that proof-of-work relies on extensive physical infrastructure and high energy consumption, areas where law enforcement has experience in detection.

In the midst of market turmoil, Buterin’s recent transactions have sparked interest in the crypto community. Ethereum’s one-day trading volume surged to $4.7 billion, while its price dipped  by 0.6% to $1,630.61 at the time of writing, all while his intentions and strategies remain uncertain.

Hacked Twitter Account Results in Theft Of $700K

A cyber attacker successfully breached Vitalik Buterin’s official X account, resulting in a loss exceeding $690,000, as detailed by blockchain investigator ZachXBT.

The hacking method involved compromising Buterin’s account and posting on his behalf, marking the introduction of Proto-Danksharding to the Ethereum platform.

In a now-infamous post, Buterin shared his intentions to release a series of commemorative NFTs from ConsenSys. Regrettably, the post included a malicious URL and was sent to his 4.9 million followers, resulting in some falling victim to the deception.

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