Vitalik Buterin Transfers $1 Million Worth of ETH to Coinbase Exchange

On the morning of August 21, Ethereum co-founder Vitalik Buterin transferred a quantity of ETH valued at over $1 million to the cryptocurrency exchange Coinbase.

Vitalik Buterin just transferred $1 million USD worth of ETH to Coinbase

On the afternoon of August 21, 2023, the security firm PeckShield reported that 600 ETH, worth approximately $1 million USD, was sent to the cryptocurrency exchange Coinbase from the wallet address named "vitalik.eth," known to be owned by Ethereum co-founder Vitalik Buterin.

This transaction took place on the morning of August 21, 2023.

This move comes as Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a 10% decline over the past 7 days amid widespread cryptocurrency market volatility plummeting from the late evening of August 18, causing Bitcoin to plummet to a low of $25,166 USD, down 7% in 24 hours, threatening the $220 limit to trigger the liquidation of 200 million BNB from the BNB Chain bridge attack in October 2022. At the same time, causing traders to witness a $1 billion USD liquidation.

At the time of writing, ETH has experienced a slight recovery and has been trading at $1,650 USD over the past 24 hours.

The latest move by Buterin comes immediately after repaying a $250,000 RAI stablecoin loan on Maker to "pocket" ETH valued at $1.6 million USD, just one day before being reported by Lookonchain - an on-chain data analyst.

The reason for Ethereum co-founder Buterin transferring ETH to Coinbase is not yet clear but has sparked investor discussions on Twitter. Some believe this may be a common diversification strategy for "whales". Some speculate that the ETH amount may be related to projects or a new unannounced collaboration involving Vitalik Buterin.

Some investors also believe the co-founder will "close the profit" for all of the ETH to benefit from the long-term investor trust participation in staking.

The debate erupted because the Ethereum co-founder himself also feared the security of the network and "revealed" that only a small amount of ETH was staked, not all.