In the latest development, Ethereum co-founder Vitalik Buterin transferred a massive 400 ETH, valued at $1.05 million, to crypto mixer Railgun. Although the motive behind this transfer remains unknown, the crypto industry is curiously watching the development as the ETH price flirts around $2,600 levels.

Ethereum co-founder Vitalik Buterin Promotes Railgun

This is not the first time that Buterin has moved his ETH to the privacy-focused mixer Railgun. The Ethereum co-founder has been a strong proponent of privacy tools and has previously highlighted Railgun as an effective method to safeguard users’ privacy.

Over the past 10 months, Buterin has frequently used the platform and has transferred a total of 662 ETH valued at $1.91 million to Railgun in 2024. This latest transaction underscores Buterin’s continued support for privacy-enhancing technologies in the cryptocurrency space. This development comes after Vitalik Buterin transferred $500K worth of ETH last week to an unknown address.

Vitalik Buterin (@VitalikButerin) just transferred another 400 $ETH ($1.05M) into the mixer #Railgun.

Vitalik previously mentioned that Railgun is an effective way to safeguard user’s privacy

And over the past 10 months, he has continuously transferred 662 $ETH ($1.91M) in… https://t.co/YtfNBIjIEK pic.twitter.com/V7NUReaat9

— Spot On Chain (@spotonchain) August 19, 2024

Although Ethereum has progressed a lot as a public blockchain network, user privacy continues to be in demand and Buterin is trying to work out this matter. Previously, the Ethereum co-founder supported platforms like Tornado Cash, however, after several cases against the crypto mixer, Buterin switched to Railgun.

Buterin and ETH Donations

Vitalik Buterin has a history of crypto donations in the past. Earlier this month, the Ethereum co-founder moved $8 million ETH to a new multisignature crypto wallet. Apart from Ethereum, Buterin has donated a lot of other altcoins gifted to him by several crypto projects.

On the other hand, the Ethereum price continues to flirt around $2,600 with the daily trading volumes skyrocketing again by 44% shooting past $10 billion. The ETH whale activity has been on the rise with whales dumping more than $60 million in ETH last week.

It will be interesting to see whether the bull can manage to hold the $2,600 support thereby riding future ETH action to $3,000 and above.

The post Ethereum Co-founder Vitalik Buterin Moves 400 ETH to Crypto Mixer Railgun appeared first on CoinGape.

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Filed under: News - @ August 19, 2024 6:21 am