Amid criticism surrounding the recent sale of ETH by the Ethereum Foundation, Vitalik Buterin, co-founder of Ethereum, has officially addressed the issue.
Through his X account, Buterin clarified that he did not sell any of his own ETH in the past month. On the contrary, he shared that his personal wallet’s ETH balance has actually increased.
Regarding the Ethereum Foundation’s ETH sale, Buterin explained that this provides funding for the research and development team. Key accomplishments supported by this funding include:
- Helping Ethereum save 5 million ETH annually by not using the Proof of Work consensus mechanism
- Reducing transaction fees
- Shortening transaction confirmation times to under 30 seconds instead of the previous 1–30 minutes (thanks to EIP-1559)
- Developing Zero-Knowledge technology, which enables private transactions for users
- Building a secure account management solution that requires no seed phrases or reliance on third parties
- Hosting Ethereum events globally
- Maintaining a stable system with no DDoS attacks or consensus failures since 2016
- Implementing multiple security projects to prevent potential financial losses
- Developing widely-used open-source libraries for wallets and DeFi applications
Buterin also emphasized that the Foundation has made significant investments in security technology and organized many community events, even though it often doesn’t highlight its role as a sponsor.
As of now, ETH’s price has shown no significant movement over the past 24 hours and is currently trading at $2,467.
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