Vitalik Buterin, the co-founder of Ethereum, has denied claims that he sold millions of dollars worth of Ether (ETH) for personal profit, explaining that the recent sales were instead to fund various crypto projects and support charitable causes.
The controversy started on August 30 when the on-chain analytics firm Lookonchain reported that Buterin transferred over $2 million in ETH to a multisig wallet.
The firm also noted that previously, on August 9, the same wallet address received over $8 million in ETH from the programmer, raising questions about his intentions.
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Buterin responded to the allegations on August 31, acknowledging that he did sell some ETH but clarified that the money was used to support Web3 projects and charity, not for personal enrichment.
Buterin's explanation was met with support from members of the cryptocurrency community. One X user said:
Don't even defend it. You deserve the yacht, too.
While the accusations caused some controversy, Buterin's response has reinforced his image as a leader focused on the growth of the crypto ecosystem and charitable initiatives.
Buterin has also recently donated over $532,000 worth of animal-themed memecoins that he received from various projects.
