A wallet that received 3,800 ETH from Vitalik Buterin in August has sold over 950 ETH in recent weeks.

According to Lookonchain, a wallet that received approximately $9.8 million in ETH from Ethereum co-founder Vitalik Buterin sold 190 ETH for $441,971 USDC on September 11. The wallet initially received 3,800 ETH from Buterin last month—3,000 ETH on August 9 and an additional 800 ETH on August 30. Shortly after, it sold 760 ETH for $1.835 million USDC at an average of $2,414 per ETH, before continuing with subsequent sales.

As of now, the wallet has sold 950 ETH since August 30, totaling roughly $2.28 million. These transfers have led to accusations that Buterin was selling ETH for profit. However, he recently denied these claims, stating that the funds were intended for supporting ecosystem development and philanthropic efforts.

“All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity,” Buterin said in an X post.

Amid this backdrop, the Ethereum Foundation, which supports the development of the Ethereum blockchain, has also made several notable transactions over the past months. The foundation recently sold 450 ETH for 1.029 million DAI on September 9, bringing its total sales for 2024 to 3,066 ETH. While the Ethereum Foundation hasn’t officially commented on the rationale behind its recent ETH sales, insiders have noted that these were intended to cover the foundation’s operational expenses.

The recent sales have exerted downward pressure on Ethereum’s price, with the leading altcoin currently down 13% over the past 30 days.

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