Vitalik defends Ethereum Foundaton from dumping accusations and Trump rally price drops
The post Vitalik defends Ethereum Foundaton from dumping accusations and Trump rally price drops appeared on BitcoinEthereumNews.com.
On Monday, Ethereum co-founder Vitalik Buterin defended the Ethereum Foundation (EF) against allegations of deliberate ETH dumping via the social media platform, X (formerly Twitter). The heated discussions came up after Lookonchain reported that the foundation had sold Ethereum for the second time this month. According to the blockchain analytics platform, the Ethereum Foundation sold 100 ETH, valued at approximately $336,000 today. The transaction formed a part of a total of 4,666 ETH sold since January 2. Critics are now pointing fingers at the company, saying that its transactions have contributed to Ethereum’s price slump during the Trump rally, where Bitcoin and other memecoins have seen exponential price upticks of more than two times their values. Dumping allegations sparked by Ethereum sales The latest conversation started when one X user, going by the pseudonym DCinvestor, criticized the foundation for being “neutral” by not using ETH to pay employees or handle operational costs. the EF uses Ethereum all the time, for instance to (1) swap ETH for stables (usually @CoWSwap) and (2) to pay people (grantees, team members) in stables and ETH, on mainnet and L2s. Events we run (like Devcon and Devconnect) take onchain payments and use onchain ID for tickets. — Josh Stark (@0xstark) January 20, 2025 An Ethereum Foundation staff member attempted to clarify the situation, saying the foundation uses the coin in several instances: when swapping ETH for stablecoins through the decentralized exchange CoWswap and to pay employees, sometimes in stablecoins. They also pointed out that events carried out by the company, like Devcon and Devconnect, use on-chain payments for ticketing. However, the explanation failed to placate some naysayers. They argue that it’s ironic for staff members to claim they use Ethereum, while the first example they gave was swapping it for other assets. They added that…
Filed under: News - @ January 20, 2025 5:19 pm