Ethereum co-founder Vitalik Buterin moves $1M of ETH to Coinbase


Blockchain sleuths have flagged the switch of $1 million of Ether (ETH) belonging to a pockets managed by Ethereum co-founder Vitalik Buterin as cryptocurrency markets stay depressed after widespread weekend losses.

The publicly labeled Ethereum pockets tackle vitalik.eth transferred 600 ETH on Aug. 21, with the address still holding over 3,900 ETH valued at $6.5 million as per data from Etherscan.

Blockchain data analysis from Lookonchain also revealed that vitalik.eth repaid 251,000 Rai Reflex Index (RAI) tokens on Maker and withdrew 1,000 ETH, worth $1,67 million, hours before the movement of ETH to Coinbase.

Cointelegraph additionally had affirmation from blockchain analytics agency Nansen that Buterin had transfered the big sum after a check transaction of 0.1 ETH two days prior, whereas their analysts famous that the change Buterin used within the newest motion differed from earlier cases on report:

“Based on the pockets’s historical past, ETH transfers up to now have sometimes been to Kraken. However, it’s laborious to say what’s the aim of the switch so we aren’t ready to supply rather more perception.”

A quantity of distinguished blockchain knowledge aggregators and publications shared insights into the switch of 600 ETH to United States-based cryptocurrency change Coinbase. The transfer induced a stir on social media within the hours after the switch, with hypothesis across the transaction rife. 

Buterin’s transaction comes as wider cryptocurrency markets stay fragile following a pointy correction over the weekend. Bitcoin (BTC) and ETH saw losses of 11% and 8%, respectively. 

Related: Vitalik dumps $700K worth of shitcoins that he never asked for

As Cointelegraph has previously reported, Buterin has admitted to promoting parts of his ETH holdings on separate events over the past five years and has additionally publicly dumped tokens he has acquired in unsolicited alt coin airdrops.

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