Social media users have been able to view a video in which Vitalik Buterin, the inventor of Ethereum, admits that he sold 70,000 ETH tokens when the price was at its highest.
Buterin Admits To Ethereum Shorting
Ethereum founder Vitalik Buterin acknowledged in a video post on X (formerly Twitter) that he had sold over 70,000 ETH tokens, effectively shorting the cryptocurrency at a significant all-time high. MetaMan X is a member of the crypto community.
Buterin discussed the price of Bitcoin and Ethereum in 2017 on the podcast with Eric Ross Weinstein, the director of an American hedge firm.
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When Ethereum hit its previous all-time high in 2017, rising as high as $1,600 while Bitcoin had a $20,000 price increase, Buterin expressed questions about whether the notable price increase was really in line with the market’s moderate gains over time.
Vitalik Buterin’s 70,000 ETH Sale: Did He Short Ethereum?,Vitalik Buterin’s 70,000 ETH Sale: Did He Short Ethereum?
“Does the cryptocurrency industry deserve its half a trillion dollar valuation?” As Buterin said.
In response to a question on whether he had shorted Ethereum at its peak, Buterin said that he had persuaded the Ethereum Foundation to sell a sizeable quantity of ETH tokens, and that the move had a significant influence on the cryptocurrency in the future.
Buterin added, “It was one good decision that had a lot of impact. I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top, and that’s doubled our runway now.”
Concerns From the Community About Buterin’s ETH Sell-Offs
The numerous ETH transactions that Ethereum’s inventor is rumoured to have carried out have alarmed a lot of people in the cryptocurrency world. Buterin was recently seen transferring 100 ETH, or around $181,000, to Coinbase, one of the biggest cryptocurrency exchanges in the world.
The Ethereum community and investors are curious about the reason for the transaction. Buterin was reportedly rumoured to have transferred 600 Ethereum worth $1 million to Coinbase earlier in August.
But in October, the founder of Ethereum made it known that he has stopped selling any ETH tokens for profit since 2018. Additionally, he said that the majority of ETH transactions were the receivers of his philanthropic gifts rather than him selling the ETH tokens.
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The creator was also embroiled in controversy over the weekend following allegations made by Ethereum whistleblower Steven Nerayoff that Buterin was complicit in an ETH scam of some kind.
Nerayoff claims that Ethereum is involved in a scam that is more extensive than that of FTX and that it is being carried out by dishonest SEC employees.
For context, Sam Bankman-Fried, the creator of FTX, was found guilty of fraud charges following the exchange’s 2022 bankruptcy filing, which included a $9 billion hold on its balance sheet.
Vitalik Buterin’s 70,000 ETH Sale: Did He Short Ethereum?,Vitalik Buterin’s 70,000 ETH Sale: Did He Short Ethereum?,Vitalik Buterin’s 70,000 ETH Sale: Did He Short Ethereum? , Ethereum coin Crypto news, Ethereum coin News