Vitalik Buterin — the co-founder of the Ethereum crypto network — has been making substantial transfers of cryptocurrency lately, raising the eyebrows of blockchain sleuths. Several of these movements have involved high-profile exchanges like Coinbase.
Most recently, the crypto billionaire has reportedly transferred nearly $15 million worth of USD Coin to troubled cryptocurrency exchange Gemini. According to the X (formerly Twitter) account of blockchain analytics firm PeckShield, USDC coins worth $14.93 million were transferred to Gemini from a wallet associated with Buterin on October 16.
The transferred sum has been traced back to Kanro—a biotech charity linked to Buterin. According to media reports, the wallet in question “vitalik.eth” had received the exact amount of USDC from Kanro two days earlier.
While crypto sleuths try to make sense of the fund transfer, an Ethereum Foundation spokesperson has come forward to throw some light on the development. He claims the funds were signed off by Buterin’s Ethereum Name Service (ENS) to fund a grant.
Buterin’s crypto transfers are not limited to Gemini
However, what’s drawn the attention of the crypto world is the fact that this is not an isolated incident. Last week, crypto data provider Lookonchain revealed on X that Buterin had directed almost $500,000 to leading crypto exchange Coinbase.
In September, Todayq News reported that Buterin had transferred Ether worth nearly $490,000 to the popular exchange Kraken, triggering speculation of potential sell-offs. In fact, Buterin had moved crypto assets to the tune of nearly $4 million last month.
High-value movements are a behavior common among prominent crypto figures, especially when they are of Buterin’s caliber. However, the transfer of USDC worth nearly $15 million from Buterin’s is especially alarming.
Genesis is mired in troubles
Notably, the United States Securities and Exchange Commission (SEC) has sued Gemini—claiming the exchange, along with crypto lender Genesis, was illegally selling crypto assets to investors. In May, the Philippines market regulator had ordered Gemini to cease operations as it was allegedly operating without “proper authorization.”