July 21, 2024
Vitalik Buterin Sends $1 Million in ETH to Coinbase
Altcoins News

Vitalik Buterin Sends $1 Million in ETH to Coinbase

On Monday, Vitalik Buterin sent over $1 million in ether to the crypto market Coinbase.

According to statistics from the Ethereum blockchain scanning website, etherscan, Ethereum co-founder Vitalik Buterin transferred 600 ether (ETH), which is roughly $1 million in cryptocurrency, to crypto exchange Coinbase on Monday.

The decision comes as ether, the 2nd largest cryptocurrency by market value, has dropped 10% in the last 7 days, amid an overall market collapse that has seen traders liquidate $1 billion in assets. On Monday, ether recovered marginally, trading in the green for the last 24 hours at $1,700.

According to the on-chain tracker lookonchain, Buterin refunded 250,000 RAI and withdrew $1.6 million in ether on Sunday. RAI is an ETH-backed non-pegged stablecoin.

It is unknown why the Ethereum co-founder transferred the ether to the centralized exchange Coinbase.

Image: Flickr

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