Vitalik Buterin Transfers $1M in ETH to Coinbase

On Monday, documents revealed that Vitalik Buterin, co-founder of Ethereum, transferred approximately $1 million (600ETH) to Coinbase. Further analyzed by crypto cybersecurity group PeckShieldAlert, Ethereum blockchain analysis firm LookOnChain, and EtherScan, it turns out that prior to the ETH move, Buterin returned an impressive 251,000 RAI tokens on Maker and drained around $1.6 million (1,000ETH).

RAI, otherwise known as the Reflex Index, is an Ethereum-backed stablecoin with digital assets utilized to maintain price stability without connecting fiat currency. Buterin’s ETH wallet still contains roughly $6.5 million, according to EtherScan. Additionally, investors continue to turn to Bitcoin and other notable cryptocurrencies as ETH had a 10% slip over the past week. Bitcoin registered an upset, having dropped 11% from the previous weekend’s $29,000 to its current $26,000. Where ETH is largely unmoved from its current $1,700, people are still eager to decipher the possible inference of Buterin transferring large swaths of ETH oly to Coinbase, and its new “layer 2 blockchain” onboard.

Robert Wilson author
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