Vitalik Buterin, co-founder and CEO of the Ethereum network, sold 3000 Ether on Uniswap on November 12.
— Lookonchain (@lookonchain) November 14, 2022
The report was made by lookonchain, a crypto enthusiast that provides accurate data on on-chain transactions. They made this announcement on their Twitter page on November 14.
This action brought about different reactions from the crypto community members on Twitter. Some couldn’t care less, pointing out that they’ve lost all their Ether to the recent collapse of the FTX exchange.
Others believe it will drive a massive purchase of the token and increase its price significantly, as they claimed it did the last time the CEO did something similar.
While for some, they linked it to the upcoming Binance proof of reserve, which was implemented after there was much uncertainty about customers’ funds on the platform following the shocking revelations about the FTX exchange.
The platform was accused of fraud and mishandling customers’ funds. To calm the unrest and prove their credibility, Binance CEO Changpeng Zhao and Vitalik Buterin decided to run a proof of reserve.
These individuals believe he probably sold those tokens in preparation for the project.
However, Evan Van Ness, a crypto enthusiast focused on the Ethereum network, has debunked claims that Vitalik sold his tokens. In the late hours of November 14, he tweeted that the address provided by Lookonchain is not for Buterin.
In addition, he said he asked Buterin about the matter and that it wasn’t his address. Van narrowed the possible causes of the events to three things, either he is lying, Buterin is not being truthful, or his account was hacked.
Van went further to buttress those points, saying there is no use in lying because he has many followers who rely on him to provide accurate information. Also, Buterin can confirm it in a tweet.
The second possibility is that the CEO is lying, which is going to be a very terrible decision to make at this crucial point in time.
Finally, the last possible reason is if his account was hacked and the token was stolen.