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An Ethereum address linked to the network’s co-founder, Vitalik Buterin, has transferred 600 ETH to the crypto reading platform Coinbase, valued at approximately $1 million at the time of writing.
This transfer follows a significant decline in the crypto markets last week, which saw ETH drop to $1670 for the first time since June.
Is Vitalik Liquidating His ETH?
As per public blockchain data from Etherscan, the wallet address involved in the transfer – Vitalik.eth – currently has a balance of 3,933 ETH, equating to $6.58 million at present. Additionally, it contains over $500,000 in other tokens, including $300,000 in DeFi protocol KyberNetwork (KNC) tokens.
Onchain analysts at PeckShield highlighted Vitalik’s transfer on Monday, which initially went to a multichain address before being redirected to another address identified by Etherscan as belonging to Coinbase. A few days prior, he had sent 0.1 ETH to the same address as a test transaction.
Lookonchain analysts observed that Vitalik withdrew 1000 ETH ($1.67 million) from MakerProtocol yesterday, after repaying $257,000 in RAI.
Vitalik has not provided clarification regarding the purpose of the transfer, but inflows to exchanges are typically interpreted as an indication that investors plan to sell their assets for fiat or other cryptocurrencies. He has acknowledged selling his ETH on several occasions, along with various memecoins received from donors without solicitation.
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Nansen analysts informed CoinTelegraph that Vitalik’s choice of exchange was unusual.
“Historically, ETH transfers from this wallet have usually been to Kraken,” the analysts noted. “However, it’s difficult to ascertain the intent behind the transfer, so we cannot provide further insight.”
Friend.Tech: What’s the Buzz?
Some Twitter users speculated that Vitalik might be transferring his assets to Coinbase’s layer 2 blockchain Base, to engage with the network’s recently popular social media application, Friend.Tech.
This platform allows users to sell shares of specific Twitter accounts and social profiles. In the last 24 hours, it has generated $1.42 million in fees – surpassing the well-known DEX Uniswap.
Some members of the industry have voiced skepticism regarding the app, warning that it could be a “pump and dump” scheme that may not last beyond a few weeks.
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