Vitalik Buterin Finally Reveals Reason Behind Latest Crypto Fund Movement That Stirred Speculations

Crypto genius and Ethereum co-founder Vitalik Buterin has finally shared the real reason behind the latest activities of a wallet linked to his name, which stirred the crypto community and led to a myriad of rumors.

The crypto wallet linked to Buterin has seen increased activity lately and stirred speculations within the crypto community on the purpose of the transactions.

Buterin has finally said his piece on those transactions. He reminded the community the funds were transferred not for his personal gain but for "some charity or nonprofit or other projects." The receiving organization sometimes uses the funds to meet its operating expenses, he noted.

"If you see an article saying 'Vitalik sends XXX ETH to [exchange],' it's not actually me selling, it's almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses," Buterin said in a post on the social network Warpcast.

The crypto genius added that he has not "sold ETH for personal gain since 2018."

Buterin's latest post came after several blockchain monitoring accounts on X reported the crypto wallet, known as vitalik.eth, moved $14.93 million to the Gemini crypto exchange Monday.

A spokesperson for the Ethereum Foundation, a non-profit organization that promotes and supports research on decentralized applications, clarified that the latest transfer made by Buterin was nothing more than the crypto genius' Ethereum Name Service (ENS) signing off on a transfer from a charity multisig wallet to fund a grant.

The Ethereum co-founder received the original fund from biotech charity Kanro, which is funded by him.

Buterin has been making headlines since last month because of a series of transfers made by wallets associated with him.

The 29-year-old Russian-Canadian computer programmer moved nearly $4 million in funds to various centralized crypto exchange platforms in just 10 days in September, with a chunk of the funds being transferred to Kraken, Bitstamp and Paxos. All the transactions initially started with a 0.1 ETH transfer.

The same month, Buterin made another controversial transaction when he liquidated his remaining stake in MakerDAO – worth about $580,000 – after its co-founder and CEO Rune Christensen publicly praised Solana blockchain's codebase.

In late August, an address linked to Buterin moved 3,000 ETH, equivalent to approximately $4.9 million at the time, to a Vb 2 labeled address.