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Ethereum Founder Vitalik Buterin Makes Mystery Move With Large ETH Transfer

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Sun, 3/09/2023 - 10:23
Ethereum Founder Vitalik Buterin Makes Mystery Move With Large ETH Transfer
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Ethereum co-founder Vitalik Buterin has made some intriguing financial moves, according to blockchain monitoring platform Spot On Chain.

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The famous Canadian programmer transferred 999 Ether ($1.63 million) between well-known Ethereum addresses 20 hours ago.

This transaction comes after a series of deposits and sales that have taken place over the past eight days, during which Buterin deposited 1,602 Ether ($2.68 million) to cryptocurrency exchange Bitstamp and converted 100 Ether into 173,000 USDC, a stablecoin pegged to the U.S. dollar.

Buterin's financial activity extends beyond Ethereum's native cryptocurrency. The data shows that he also liquidated 500 Maker (MKR) tokens, valued at around $580,000, for 353.4 Ether.

This marks the first time Buterin has sold Maker tokens in two years. After selling the MKR tokens, Buterin transferred all 350 Ether to another address. This string of transactions has led some to speculate on what Buterin might be planning.

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The transactions come at a time when Ethereum is experiencing moderate price stability, trading at around $1,635 per Ether at the time of writing.

Some community members view Buterin's moves as a regular activity given the size of his holdings. Still, others are keeping a cautious eye, pondering if this could be an indicator of future market moves.

Without specific information, it is difficult to determine the intention behind these moves. Whether these transactions are part of a larger investment strategy, a diversification effort, or simply routine financial management remains to be seen.

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