Vitalik Buterin Transferring $2 Million in Ethereum, Raising Community Concerns

Aug. 30, 2024. 2 mins. read.

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Vitalik Buterin has recently transferred 800 ETH, worth approximately $2.01 million, to a multisig wallet. This move marks the second significant transfer of ETH by Buterin this month, sparking speculation within the crypto community.

Buterin Moves More ETH to Multisig Wallet

According to Lookonchain, the multisig wallet that received 800 ETH from Buterin later converted 190 ETH into 477,000 USDC. This follows a previous transfer on August 9, where Buterin moved 3,000 ETH, valued at $8.04 million, to the same multisig wallet. Earlier, a wallet linked to Buterin had sent 0.1 ETH to this address, likely for testing.

Etherscan data reveals that the latest transfer incurred a minimal fee of 0.00005465 ETH. This transaction came from a different wallet, Vb2, rather than the vitalik.eth wallet, which was used in prior transfers. Currently, vitalik.eth holds 29.4 ETH (around $74,229), while Vb2 has 52.5 ETH (approximately $132,412).

The purpose behind Buterin’s ETH transfers remains a topic of discussion. Some speculate that it could be for donation purposes, consistent with his past actions, such as his July donation of 100 ETH, nearly $300,000 at the time, to the 2077 Collective to promote Ethereum adoption.

Buterin’s preference for transferring ETH to a multisig wallet reflects his commitment to privacy and security. This aligns with his previous actions, like the 30 ETH donation in May for the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm. He advocates for decentralizing personal security, emphasizing the importance of using multisig wallets to protect crypto assets.

“M-of-N, some keys held by you (but not enough to block recovery), the rest held by other people you trust. Do not reveal who those other people are, even to each other. Decentralize your own security,” Buterin advised in a recent post. The “m-of-n” model for multisig wallets requires a minimum number of signatures to authorize transactions, adding an extra layer of security.

Buterin’s security practices were echoed by 0xkofi, a pseudonymous developer and researcher, who urged traders to use cold storage for safeguarding assets, warning of the severe consequences of losing funds.

Source: Vitalik Buterin Transfers $2 Million in Ethereum (ETH), Sparking Community Concerns

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