Vitalik Buterin Transfers Significant Amount of USDC to Gemini: What's Behind the Move? - COINTURK NEWS
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Vitalik Buterin Transfers Significant Amount of USDC to Gemini: What’s Behind the Move?

12:03 pm (46 days ago)
October 17, 2023

Ethereum‘s (ETH) co-founder, Vitalik Buterin, recently transferred a significant amount of USD Coin (USDC) to the US-based cryptocurrency exchange Gemini. According to PeckShield, a blockchain analysis company, Buterin sent 14.93 million USDC to Gemini on October 16th from his wallet address called “Vitalik.eth”.

Vitalik Receives USDC from Kanro Charity

The source of the USDC moved by Buterin appears to be Kanro, a charity dedicated to supporting open-source research on airborne pathogens that is associated with Vitalik. Kanro transferred 14.93 million USDC to Vitalik.eth on October 14th.

Recent data from Lookonchain reveals that this transaction is not the only one involving Buterin. The data shows that Buterin deposited approximately $500,000 to Coinbase, another US-based cryptocurrency exchange, on October 14th.

Ethereum Price Unaffected by Vitalik’s Transfer

According to CoinMarketCap, the price of Ethereum’s native asset, Ether (ETH), remained relatively stable with only a 0.62% decrease in the past 24 hours, despite the news of Buterin’s recent transfers.

It is not unusual for Buterin to move large amounts of ETH or USDC to centralized cryptocurrency exchanges. In September, Buterin transferred over $3.9 million worth of cryptocurrency to Coinbase and Gemini, and in August, he sent 600 ETH ($1 million) to Coinbase.

Recent data from Lookonchain reveals that Buterin has deposited significant amounts of ETH to popular cryptocurrency exchanges. Notably, around 1,000 ETH worth approximately $1.64 million was moved to Bitstamp. Additionally, a total of 4,400 ETH worth around $7.23 million was deposited to Bitstamp from the same wallet address associated with Buterin in the past two months. The total value of Buterin’s deposits to cryptocurrency exchanges exceeded $3.9 million in September alone.

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