Ethereum Co-founder Vitalik Buterin Reportedly Sold 3000 ETH

Vitalik Buterin Proposes Implementation of ZK-SNark Feature
  • The transaction occurred around the time of the major FTX crypto exchange breach.
  • Vitalik traded roughly 3,000 ETH for around $4 million USDC.

Reports surfaced over the weekend that Vitalik Buterin, co-founder of Ethereum (ETH), liquidated a large quantity of ETH tokens. Vitalik’s transactions, according to a wallet tracker, occurred around the time of the major FTX crypto exchange breach.

According to MistTrack, Vitalik traded roughly 3,000 ETH for around $4 million USDC. On November 12, the three separate transactions were completed on the Uniswap V3. Vitalik’s dump was made at an interesting time, as the crypto community was already struggling to recover from the FTX breach and crisis. Approx, the daily average price of Ethereum during the transaction was $1,261.

After Effects of FTX Turmoil

Almost in the last week, the value of ETH has decreased by over 17%. At the time of writing, the average price of one Ethereum is $1,232. According to prior reports, hackers stole over $600 million from the cryptocurrency exchange FTX in a series of separate attacks. A portion of the withdrawals were converted from Tether to DAI by the hackers along with several other cryptocurrencies.

Recently, Vitalik brought up the FTX collapse that had occurred earlier that day. The Ethereum co-founder committed some serious compliance virtue signaling when he claimed that the FTX crash and associated events were the exact opposite. He elaborated by saying it’s also embarrassing for EA and ted talks, on which SBF relied significantly.

However, the market crash was sparked by the SBF’s FTX turmoil. As a result of this catastrophe, almost $120 billion in cryptocurrency market capitalization disappeared in a few of days. Currently, the whole market value is $831 billion.

A crypto enthusiast. Loves to write. Gives full dedication to every task assigned. Specializes in delivering on tight deadlines. An animal lover, especially dogs.