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Vitalik Buterin denies having sold any ETH over the past month and clarifies that his holdings has increased.
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Since January, the Ethereum Foundation has liquidated more than $11 million worth of ETH to fund critical research and development programs.
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Buterin calls on the community to respect the Foundation’s efforts.
Vitalik Buterin, the founder of Ethereum, responded to concerns over ETH token sales made by him and his Ethereum Foundation. The Foundation has sold ETH multiple times for cash in this year.
On-chain analysis has frequently highlighted periodic ETH movement from the Ethereum Foundation. On October 15, for example, the foundation sold ETH worth approximately $258,000.
The foundation had transferred ETH valued at approximately $3.03million to Bitstamp a week before the transaction. According to Lookonchain, an on-chain analyst, the Ethereum Foundation cashed out ETH worth over $11 Million since January.
These sales are a concern to market participants, especially as they coincide with bull runs in ETH. Vitalik Buterin also joined this trend. Last month, a wallet associated with him sold ETH valued at more than $3.17million.
Several community members think that these transactions by Buterin, and the Ethereum Foundation, are contributing to ETH’s poor performance. Many have called on Buterin to “stop trading ETH.”
“I haven’t Sold A Single ETH” — Buterin
Buterin responded today to these concerns, clarifying that he had not sold any ETH over the last month and even mentioning his ETH holdings had grown.
A second commenter sought clarification about the Ethereum Foundation which sold more than $3.3 million worth of ETH in this month.
Ethereum Foundation Funds Researchers and Developers With ETH Sales
Buterin explained that researchers and developers are funded by the Ethereum Foundation to make important advances. These include measures that prevent Ethereum from losing up to 5 million ETH a year due to proof of work, maintain low transaction fees, as well as ensuring transactions are processed within 30 seconds instead of taking between 1 and 30 minutes.
The foundation is also working on zk tech, which allows for private usage of ETH. This includes zk railway. They are also working on account abstraction technology, which allows everyday users to interact safely with ETH without the need for seed phrases or centralized failure points. The foundation organizes local ETH-related events around the world, many of which don’t feature its name prominently.
Buterin also highlighted that Ethereum has experienced zero downtime due to DoS attacks or consensus failures. This has been the case since 2016. The foundation has undertaken a number of security initiatives, such as internal development and grants that have prevented numerous fund losses. They also provide libraries to support a variety of coding needs such as wallets or DeFi applications.
Buterin urged community members to respect Foundation efforts and not criticize them.
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