Buterin Moves $14.9 Million in USD Coin to Gemini Exchange

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Vitalik Buterin Moves $14.9 Million in USD Coin to Gemini Exchange

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 17, 2023

Key Takeaways

A wallet linked to Ethereum co-founder Vitalik Buterin allegedly transferred $14.93M worth of USDC to Gemini.
The original sum of 14.93 million USDC was received from Kanro, a charity affiliated with Buterin.
This latest transfer is part of Buterin's broader pattern of crypto deposits to centralized exchanges.

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Vitalik Buterin Moves $14.9 Million in USD Coin to Gemini Exchange

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Ethereum's co-founder, Vitalik Buterin, has caught the crypto community's attention by allegedly transferring almost $15 million in USD Coin to Gemini, a renowned cryptocurrency exchange.

PeckShield, a blockchain analytics firm, reported that on October 16th, a wallet tied to Buterin and named "vitalik.eth," sent $14.93 million in USDC to Gemini.

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It's worth noting that the USDC originally came from Kanro, a charity organization connected with Buterin. The Ethereum Foundation spokesperson highlighted that the funds haven't actually left Buterin's wallet. Instead, the man used his Ethereum Name Service (ENS) to sign a transfer from his charity.

In addition, data from another analytics provider, Lookonchain, revealed that a wallet linked to Buterin made another notable transfer. It sent approximately $600,000 to Coinbase only weeks before this latest transaction.

This sequence of events comes amid a series of deposits of Ethereum made by Buterin to centralized exchanges over recent months. These have been no small sums; his transfers amounted to more than $3.9 million in September alone.

In the wake of this news, Ether's market performance has remained relatively stable. According to data from BitDegree, Ethereum's native currency experienced a slight dip, decreasing by only 0.68% in the last four hours following the transaction's announcement.

The recent transaction of $14.9 million USDC from Vitalik Buterin's Kanro to Gemini has captivated crypto-watchers' attention. While it's unclear what prompted this latest transfer, the Ethereum co-founder has a history of significant transactions, contributing to the ongoing conversation and speculation within the cryptocurrency community.