Ethereum Boss Vitalik Buterin Sends 500 ETH To Coinbase

ETH crypto assets. (Photo; Doc. Unsplash)

JAKARTA - Vitalik Buterin, co-founder of Ethereum, the world's second-largest blockchain network, recently sent more than $1 million worth of ETH (IDR 15.5 billion) to the largest crypto exchange in the United States (US), Coinbase. This transfer caught the attention of on-chain analysts monitoring transaction activity on various crypto networks.

Vitalik Buterin, who is known as an important figure in the crypto world, was caught several times making large amounts of ETH transfers. One of them occurred last September, where he sent $3.79 million (IDR 58.8 billion) in the form of ETH. The delivery lasted for ten days.

On the other hand, Buterin has stated that he has not sold ETH for personal gain since 2018. He said that the transfers he made were aimed at philanthropic purposes. He expressed this in discussions on the decentralized platform Warpcast in October.

Even so, on December 19, 2023, social media was shocked by the news of Buterin sending 500 ETH to Coinbase. This action sparked a number of speculations regarding the Ethereum boss's move, including allegations of whether Buterin intends to sell his ETH crypto asset.

According to Bitcoin.com News, the massive delivery of crypto assets does not mean it will be sold. If crypto assets are transferred to unknown addresses, there is no guarantee of buying and selling transactions. However, if crypto assets are transferred to the exchange, the sales value may be higher, although this is uncertain.

On the other hand, Buterin may have other reasons to send his ETH to Coinbase. He may want to get an annual interest from his ether, with the option to withdraw it at any time. Coinbase is also known as an exchange that supports philanthropic activities, so Buterin may want to donate some of its ether to social purposes, especially ahead of year-end taxes.