Cashing Out? Vitalik Buterin Linked Address Moves 2000 ETH Worth $3.12M

An address linked to Ethereum founder Vitalik Buterin moves 2,000 ETH worth over $3 million, raising speculation of a potential sale.

Multiple on-chain analytics tools have uncovered a recent transaction by an address linked to Ethereum co-founder Vitalik Buterin.

According to Spot on Chain, the address transferred 2,000 ETH (approximately $3.1 million) to a secondary wallet, which has a record of depositing ETH to the cryptocurrency exchange Bitstamp. 

The current transfer to Vitalik’s alleged secondary address means it now has a balance of 2,600 ETH ($4.05 million), which could potentially be sold on Bitstamp. In the past month alone.

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In total, Buterin has transferred 4,700 ETH ($7.9 million) to this secondary address. Of this figure, the address has deposited 2,002 ETH ($3.3 million) to Bitstamp and also swapped 100 ETH ($173,000) for USDC on Uniswap, leaving the 2,600 ETH balance.

🚨 @VitalikButerin transferred another 2,000 $ETH ($3.12M) from address 0xD04 to 0x556 9hrs ago.

Overall, the Ethereum’s co-founder may have deposited 2,002 $ETH ($3.33M) to #Bitstamp and sold 100 $ETH for 173K $USDC since August 25 (18 days ago) via address 0x556.

👉 More… https://t.co/R4MWGAQbOt pic.twitter.com/WnmpQwjVAc

— Spot On Chain (@spotonchain) September 12, 2023

Additional on-chain data appears to confirm that Ethereum’s Vitalik Buterin uses Bitstamp. His widely-known primary address also deposited 300 ETH to the exchange on August 8, while the secondary address cited earlier has also been transferring funds to Bitstamp.

Cashing Out Amid Bear Market?

These transfers have raised speculation that the Ethereum co-founder is converting a portion of his net worth to fiat for spending or simply using it for other activities on Bitstamp.

Either way, the amount represents only a fraction of his exposure to the cryptocurrency market. Vitalik’s primary address still holds a balance of 37,000 ETH valued at over $58 million.

Meanwhile, Vitalik has also made headlines in recent times. As The Crypto Basic reported, the Ethereum co-founder’s X account was recently hacked, leading to near $700,000 in losses for unsuspecting investors who interacted with the malefactors.