Buterin Sends $15 Million in USDC to Gemini Exchange

In a recent crypto transaction that caught the attention of blockchain enthusiasts, Ethereum co-founder Vitalik Buterin transferred a substantial amount of USDC (USD Coin) to the cryptocurrency exchange Gemini. Blockchain analytics firm PeckShield reported on this development, revealing that Buterin's wallet, "Vitalik.eth," initiated the transfer of $14.9 million to Gemini on October 16. This information has been independently verified on Etherscan, a trusted blockchain explorer.

#PeckShieldAlert vitalik.eth has transferred 600 $ETH (~$1M) to #Coinbase pic.twitter.com/XVTwLqPENM
— PeckShieldAlert (@PeckShieldAlert) August 21, 2023

The origin of these USDC tokens can be traced back to a charitable donation made by Kanro, an organization associated with Vitalik Buterin. On October 14, Kanro sent the initial sum of 14.93 million USDC to Vitalik, who has since chosen to transfer a significant portion of these funds to the Gemini exchange. Notably, this is not the only significant transfer Vitalik has made recently. Approximately three days prior to the Gemini transaction, he also moved around $500,000 to Coinbase, another prominent cryptocurrency exchange.

Despite the sizable transfer, the price of Ethereum's native cryptocurrency, Ether (ETH), remained relatively stable, experiencing only a minimal 0.68% decrease in the four hours following the news. This suggests that the market did not react adversely to Vitalik's actions, which may be seen as a positive sign for the broader Ethereum community.

vitalik.eth repaid 251K $RAI on #Maker and withdrew 1,000 $ETH($1.67M) yesterday.

Then deposited 600 $ETH($1M) to #Coinbase 5 hrs ago.https://t.co/pw8ekIYSs1 pic.twitter.com/rkJo42OSlq
— Lookonchain (@lookonchain) August 21, 2023

Vitalik Buterin has been making several deposits to centralized exchanges over the past few months. In September alone, the total transfers from his wallets exceeded $3.9 million. Notably, on September 24, Buterin transferred 400 ETH (valued at $600,000 at the time) to Coinbase, indicating his continued activity in the crypto market. This latest transfer to Gemini is just one of many transactions that have garnered attention from the crypto community, as blockchain sleuths and analysts closely monitor the movements of this prominent figure in the cryptocurrency world.

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