Vitalik Buterin Has a History of Donating Crypto—So Why the Controversy? 

Key Takeaways

• Vitalik Buterin revealed he had not “sold and kept the proceeds” of any Ethereum since 2018.
• The Ethereum co-founder has donated millions to charity over the past few years.
• In May 2021, Buterin donated $1 billion worth of SHIB meme coins to the India COVID-Crypto Relief Fund.

Ethereum (ETH) co-founder Vitalik Buterin has found himself in another controversy after he revealed that he had not “sold and kept the proceeds” of ETH since 2018. The crypto billionaire also announced that he was no longer interested in investing in Layer-2 (L2) projects. 

Responding to questions on Thursday, Sept. 5, over his ETH holdings falling by hundreds of millions, Buterin urged that “all sales have been to support various projects that I think are valuable, either within the ETH ecosystem or broader charity.”

This aligns with the 30-year-old billionaire’s past actions, and he has proven himself to be a keen philanthropist over the past few years. 

Buterin Has Been Donating Regularly to Charity

Buterin has a well-documented history of making significant donations using crypto. As one of the most prominent figures in the crypto world, the co-founder appears to want to set an example for others in the industry.

Kevin Santos, CEO of Quiver Trade, questioned Buterin’s decision to no longer work with L2 projects, arguing that it was better to invest in projects he believes in and then use the profits for charity.

But Buterin  stated that the gains of having “a clear stance that sets an example and increases confidence” were bigger. The crypto billionaire said he wanted to show “he was not part of some plot to twist the ethereum protocol in directions that benefit random infra/L2 tokens that I hold.”

Buterin’s donations have spanned various causes, often leveraging the transparency and efficiency of blockchain technology.

Crypto Donation Timeline

Data compiled by CCN from publicly available data.

$1 Billion to COVID Relief Fund in India

In May 2021, Buterin donated $1 billion worth of SHIB meme coins to the India COVID-Crypto Relief Fund. 

In one of the largest-ever individual philanthropy efforts, the Ethereum founder transferred over 50 trillion SHIB. 

However, the donation attracted criticism when investors began selling their stock after it was announced, leading to a 35% drop in SHIB’s price.

$5 Million to Ukraine

In April 2022, Buterin donated $5 million in cryptocurrencies to Ukraine relief. 

The Ethereum founder sent 750 ETH, which was worth around $2.5 million, to the Aid for Ukraine initiative, and sent another 750 ETH to the Unchain Fund. 

Deputy minister of digital transformation for Ukraine Alex Bornyakov, said he “couldn’t be more grateful for every crypto donation to our lifesaving initiative,” in a post on X, formerly Twitter. 

“It really helps to strength our country and protect the democratic values. Special thanks to Vitalik Buterin for standing with Ukraine.”

$9.4 Million to the University of Maryland

In November 2022, Buterin donated  $9.4 million of USD Coin to the University of Maryland to fund the study of air disinfection to prevent future pandemics. 

The donation was one of several donations Buterin made over the Covid-19 pandemic. 

“This crypto gift will support UMD’s research into germicidal ultraviolet light which could one day eliminate COVID-19, influenza and other highly contagious pathogens from the air more quickly & effectively than other methods,” the university said in a statement. 

Over $500,000 to Animal Welfare Charities

On Aug. 15, Buterin announced that he had finished donating all of the animal-themed meme coins he received last year to animal welfare charities.

In a post  on X, the billionaire shared a receipt for the donation to the Effective Altruism Funds’ Animal Welfare Fund. Buterin sent 200 ETH, worth $532,398, to the charity fund.

Buterin called for the memecoin community to send crypto directly to their charities, rather than sending it to him first.

About the Author

Kurt Robson

Kurt Robson is a London-based reporter at CCN with a diverse background across several prominent news outlets. Having transitioned into the world of technology journalism several years ago, Kurt has developed a keen fascination with all things AI. Kurt’s reporting blends a passion for innovation with a commitment to delivering insightful, accurate and engaging stories on the cutting edge of technology.

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