The co-founder of the second-largest cryptocurrency by market cap, Vitalik Buterin, recently admitted that the Ethereum Foundation (EF) has sold 70,000 ETH almost at the all-time high. Today, it seems like the right decision, as Ethereum’s price has plunged with over 90% since then.
To Sell 70,000 ETH At The Top
Vitalik Buterin, the co-founder of Ethereum, recently appeared in an interview, and naturally, his blockchain project was the most discussed topic. Besides the upcoming updates from the company, Buterin also spoke about ETH’s price. Furthermore, he acknowledged when he and his team managed to sell a notable amount of coins:
“I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top, and that’s doubled our runway now, so it was one good decision that had a lot of impact.”
To put things into perspective, “basically at the top” would mean somewhere around $1,400 as this has been Ethereum’s all-time high, and the sale of 70,000 coins would result in $98 million.
Furthermore, back at the end of 2017, Buterin had reportedly transferred 30,000 ETH to the popular cryptocurrency exchange, Bitstamp. Many people from the community speculated at the time that he is selling coins during the parabolic price increase, as he might be expecting a serious drop. Supporting their claim was a tweet from Ethereum’s co-founder, implying that the cryptocurrency market has not yet earned the total capitalization during that time of $500 billion.
Knowing today the crash that followed the entire crypto market, it’s safe to argue that the decision to sell then made financial sense. Ever since Ethereum reached its ATH of $1,400, it has been mainly on the downtrend, and it’s currently trading at around $145. However, as Cryptopotato reported, even at this level, ETH is providing an ROI of over 5,000% since its inception.
The EF Stops Funding Internal Teams
Just recently, a developer who has been with the company for over three years posted about the EF’s potential plans. According to her, the foundation will stop funding most internal teams in the next year. She adds that as of December 1st, the funding for the particular project she has been working on has stopped entirely.
As some might already know, Ethereum Foundation is planning to stop funding for most of the internal teams in the next year.
I joined about 3 years ago and was working for 2 years on Remix and then in the last year on PlayProject.
— Nina Breznik📍🇹🇭 (@ninabreznik) December 6, 2019
The news has not been confirmed or denied by officials from the Ethereum Foundation yet. However, the Tezos Foundation CSO, Ryan Lackey, said that if any previously funded by EF teams want to continue working, TF might be interested in providing the funding.