The post Ethereum co-founder Vitalik Buterin transfers $8M in ETH while advocating security appeared on BitcoinEthereumNews.com.

Ethereum co-founder Vitalik Buterin has transferred 3,000 ETH, valued at around $8 million, to a multi-signature safe wallet. The reason for the transfer is unknown and speculated to be a donation. Meanwhile, Buterin has been discussing the Ethereum roadmap frequently on X. In a recent post, the developer emphasized network security over concerns of high gas fees. ‘Vb 3’ wallet moves 3000 ETH to ‘Vitalik.eth’ wallet Lookonchain reported on X that Vitalik transferred around $8 million in ETH to a multi-sig wallet, attracting around 0.1 ETH in gas fees (about $270). The transfer is being speculated to be a donation, but the motive remains unclear.  Notably, a multi-signature crypto wallet requires more than two people to sign off on any transaction. The process provides additional security to funds and protects against unauthorized transfers or hacks. By using a multi-sig wallet, Buterin underlines his advocacy for security and privacy. According to Etherscan, Buterin’s wallet, known as “vitalik.eth,” holds about 400 ETH, having a market price of at least $1 million. On August 5, Lookonchain reported that a wallet named “Vb 3” moved 3,000 ETH to vitalik.eth. At that time, the wallet’s total holdings stood at 245,223 ETH, worth about $570 million. vitalik.eth transferred 3,000 $ETH($8.05M) to a multi-sig safe wallet 20 mins ago, possibly as a donation.https://t.co/pw8ekIYSs1https://t.co/DW4Nhmbb6Z pic.twitter.com/7Y4Dx12cDP — Lookonchain (@lookonchain) August 9, 2024 In the past, Buterin had used a privacy protocol called Railgun for crypto transfers. The purpose of the transfers was also unknown due to the added layer of privacy used in these DeFi applications. Buterin chooses security over gas fees The Ethereum co-founder allegedly responded to a user on X who questioned the high gas fees on the network. His supposed response underscored security over high gas fees. “Losing 100% of your money to a wallet screw-up…

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Filed under: News - @ August 9, 2024 5:18 am