Shortly After Twitter Hack, Vitalik Buterin Transfers $3.12 Million Ethereum to an Exchange

• Data shows Ethereum co-founder is selling more of his Ethereum holdings. Vitalik Buterin’s wallet transfers 2,000 ETH ($3.12 million) to “0x5567,” raising concerns from other investors. 
• This isn’t his first time selling ETH tokens in a month. 

Ethereum co-founder Vitalik Buterin appeared again on the news due to a recent transaction involving his wallet. So, he sold some of these ETH tokens. But why? 

Vitalik Buterin Moves $3.12 Million Ethereum 

@spotonchain via X 

• Ethereum co-founder Vitalik Buterin, over the past month, now has a new mission of selling some fraction of his holdings on Ethereum. So, there was another recent occurrence where a wallet linked to the Ethereum co-founder moved some amount of ETH tokens to an exchange. 
• According to data from Spotonchain, Vitalik Buterin’s wallet transfers 2,000 ETH ($3.12 million) to “0x5567,” raising market concerns. Furthermore, the transfer was to a crypto exchange named Bitstamp. In the crypto market, it is well known that transferring crypto funds from a wallet to a crypto exchange means the person wants to sell. Moreover, no crypto whale would want to keep their funds in an exchange. But this is not the first time Vitalik will sell off Ethereum in a month. 

Ethereum Co-founder Sell-off Large Amount of Ethereum in a Month

@spotonchain via X 

• According to compiled data, it looks like Vitalik Buterin entered into a new business of selling off his ETH holdings. So, data from Spotonchain shows Buterin deposited a total of 2,700 ETH, amounting to $4.77 million, into Bitstamp through the same “0x5567” address. This is quite strange from the Ethereum co-founder, considering that ETH is going through a difficult period. Furthermore, this wallet holds a substantial balance of 37,000 ETH. 
• Vitalik Buterin made a good number of transactions with his wallets in the past year. So, wallets linked to the Ethereum co-founder show a total transaction worth more than $7.9 million in Bitstamp and around $3.3 million in Paxos. 

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🚨 @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

Vitalik Buterin Confirms “Sim Swap” as the Cause of the Hack on His Twitter Account

• Before selling large amounts of ETH tokens, one of the most recent happenings in the crypto industry was the hack on the Twitter account of Vitalik Buterin. So, this hack made some of his followers lose nearly $700k from scammers. 
• Buterin made a recovery of his account. Furthermore, he made a statement confirming the cause of the attack on his Twitter account. The hack on the Ethereum co-founder’s Twitter account resulted from a successful Sim Swap attack. According to Vitalik, he won’t use SIM authentication methods for his Twitter account again, as they are often susceptible to manipulation. 

Conclusion 

Ethereum co-founder Vitalik Buterin sold some of his Ethereum tokens. So, this comes when the ETH token is suffering heavily due to the market situation. The recent action from the co-founder raises a lot of concerns and speculations. Moreover, many aren’t comfortable with the Ethereum co-founder selling off his holdings. Buterin sold around $3.12 ETH in this particular transaction.