In a recent video that has been making waves across social media, Ethereum’s visionary founder, Vitalik Buterin, admitted to a significant move he made during the cryptocurrency’s historic all-time high. Here’s what transpired:
Buterin’s Game-Changing Move
Crypto enthusiast MetaMan X shared a video conversation with Vitalik Buterin, where the Ethereum creator revealed that he sold approximately 70,000 ETH tokens during a pivotal all-time high period. This move effectively amounted to a shorting of the cryptocurrency.
Questioning the Market
During a podcast discussion with American hedge fund director Eric Ross Weinstein, Buterin reflected on the astounding price surges of Ethereum and Bitcoin in 2017. He expressed skepticism about whether these soaring values truly reflected the crypto market’s accomplishments up to that point.
“The crypto space has reached half a trillion dollars, does it deserve it?” questioned Buterin.
A Strategic Decision
When probed about whether he had shorted Ethereum during its all-time high, Buterin explained that he had advocated for the Ethereum Foundation to sell a substantial amount of ETH tokens. The impact of this strategic decision reverberated through the cryptocurrency’s trajectory.
“I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top, and that’s doubled our runway now, so it was one good decision that had a lot of impact,” Buterin affirmed.
Community Concerns
This revelation has sparked concerns within the crypto community regarding Buterin’s involvement in various ETH transactions. Recent transfers, including a significant one to Coinbase, have raised eyebrows among Ethereum investors and enthusiasts.
However, Buterin clarified in October that he hadn’t personally sold any ETH tokens for personal gain since 2018. He emphasized that most ETH transactions attributed to him were actually recipients of his charitable donations carrying out the sales.
Allegations of Fraud
Over the weekend, Ethereum whistleblower Steven Nerayoff made serious allegations against Buterin, claiming his involvement in an alleged fraud scheme related to ETH. Nerayoff went on to assert that Ethereum had connections with corrupt SEC officials in executing this purported fraud, which he contends is of a larger scale than the FTX incident.
These developments add an intriguing layer to the Ethereum narrative, prompting a closer look at the dynamics surrounding its founder and the broader cryptocurrency landscape.
