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Ethereum Co-Creator Vitalik Buterin Transfers $1 Million Worth of ETH to Coinbase
On Monday, Ethereum's co-founder, Vitalik Buterin, made a significant deposit of 600 ether (ETH) onto the Coinbase cryptocurrency exchange. This deposit, valued at approximately $1 million, was reported by the Ethereum blockchain scanning website, etherscan.
The decision arrives as ether, the second most prominent cryptocurrency by market capitalization, underwent a 10% downturn in the past week. This drop occurred in the midst of a widespread market slump that led to traders experiencing a total of $1 billion in liquidations. However, there has been a partial rebound for ether on Monday, with its value showing positive movement over the last 24 hours, reaching $1,700.
According to the on-chain tracker lookonchain, Buterin made a repayment of 250,000 RAI and carried out a withdrawal of ether valued at $1.6 million on Sunday. RAI, a stablecoin not pegged to any specific value and supported by ETH, was involved in this transaction.
The reason behind the transfer of ether to the centralized exchange Coinbase by the Ethereum co-founder remains uncertain.
