Vitalik Buterin Sold 3000 Ethereum During FTX Hack

Vitalik Buterin, co founder of the Ethereum (ETH) wallet reportedly dumped a huge amount of ETH tokens last weekend. A wallet tracker reported that Vitalik’s dumping transactions took place during the massive FTX crypto exchange hack.

Is Vitalik Buterin selling in FUD?

As per MistTrack, Vitalik exchanged around 3,000 Ethereum for around $4 million USDC. The transaction was proceeded on the Uniswap V3 in the three transactions on November 12.

Interestingly, Vitalik’s dump came when the crypto world was fighting with the FTX hack and crisis. Data depicts that Ethereum was trading at an average price of $1,261 on that day.

ETH prices have dropped by more than 18% over the past 7 days. Ethereum is trading at an average price of $1,281, at the press time. However, its prices are up by 3% in the last 24 hours.

Coingape reported that FTX, a crypto exchange was hit by a massive hack as hackers outflowed over $600 million in multiple transactions. The withdrawals were swapped from Tether to DAI by the hackers. The cyber thieves also withdrew StETH Solana, BNB, LINK, AVAX, and MATIC from the platform.

Vitalik’s comment on FTX crisis

As we dig in, Vitalik commented on the recent collapse of FTX on the same day. He highlighted that the MtGox event looked sketchy and never tried too hard to whitewash itself. He added the Do Kwon’s Luna event too.

Ethereum co founder asserted that the FTX collapse and related events were the opposite and did full on compliance virtue signaling. He further added that it’s not a good look for EA or for a ted talk which SBF also leaned into heavily.

However, the SBF’s FTX crisis has triggered the market collapse. This event went on to vanish more than $100 billion from the crypto market in just a few days. The total market cap now stands at $854 billion.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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