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Vitalik Buterin Offloads Millions in Ethereum Holdings

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TLDR

  • Vitalik Buterin swapped more than 3,100 ETH for stablecoins through CoW Swap in recent days.
  • On-chain data shows the transactions totaled over $6.1 million at current market prices.
  • His on-chain Ethereum holdings now stand at more than 224,000 ETH valued at about $426 million.
  • Buterin previously moved over $29 million in ETH, with at least $2.3 million funding Ethereum Foundation initiatives.
  • Ethereum’s price fell below $1,900 and dropped over 36% in the past month.

Vitalik Buterin has continued selling Ethereum (ETH) through decentralized exchanges in recent days. On-chain data shows he swapped thousands of ETH for stablecoins. The latest transactions come as Ethereum’s price trades below $1,900.

Vitalik Buterin Executes Fresh ETH Sales Through CoW Swap

Arkham Intelligence labeled wallets tied to Vitalik Buterin recorded recent swaps on CoW Swap. The data shows he exchanged more than 3,100 ETH for stablecoins over several days.

Those transactions equal more than $6.1 million at current prices. After the swaps, his on-chain holdings stand at over 224,000 ETH.

The remaining balance carries a value of about $426 million. The transfers follow a pattern of routine sales observed in recent weeks.

Earlier, Buterin moved over $29 million worth of Ethereum. At least $2.3 million from that amount supported Ethereum Foundation initiatives.

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He previously outlined plans to sell around $44.7 million in ETH. He linked those sales to a period of “mild austerity” for the Foundation.

Buterin said the approach would “ensure the Ethereum Foundation’s own ability to sustain in the long term.” He added it would protect Ethereum’s “core mission and goals.”

Ethereum Price Drops Below $1,900 as Market Weakens

Ethereum’s price has declined during the broader crypto market downturn. ETH has fallen about 4% over the past 24 hours.

The asset recently traded at $1,872 on major exchanges. It earlier touched a two-week low of $1,855 on Sunday.

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Over the past month, Ethereum has dropped more than 36%. The token also remains over 62% below its August all-time high of $4,946.

Buterin has also addressed Ethereum’s long-term roadmap in public statements. He said the Ethereum mainnet “needed a new plan” regarding layer-2 scaling networks.

He discussed the relationship between the base layer and scaling chains. He suggested adjustments to strengthen coordination and efficiency.

Last week, Buterin supported a new censorship-resistant upgrade for the network. He said Ethereum was “going hard” on its technical direction.

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He also referred to reviving a “cyberphunk” ethos within the ecosystem. These remarks came as developers continued work on protocol upgrades.

The recent ETH sales occurred during this period of roadmap discussion. On-chain data continues to track movements from wallets linked to Vitalik Buterin.

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Crypto World

Step Finance Shuts Down After $27 Million Hack

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Step Finance Shuts Down After $27 Million Hack

Three Solana-based platforms have announced they are shutting down after a Step Finance hack at the end of January that has been deemed unrecoverable. 

Solana portfolio dashboard and DeFi aggregator Step Finance announced on Monday that it would be winding down operations. The closure also extends to subsidiaries Solana NFT analytics and the ecosystem media outlet SolanaFloor, as well as lending and yield protocol Remora Markets.

“Following the hack at the end of January, we explored every possible path forward, including financing and acquisition opportunities,” it stated, referring to a $27 million security breach of its treasury wallets in January. 

The team said they were “unable to secure a viable outcome,” resulting in the decision to “end all operations effective immediately.” 

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The DeFi platform said it is working on a buyback for holders of its native token, STEP, based on a snapshot taken before the incident. There will also be a redemption process for Remora rToken holders, they said. 

Source: Remora Markets

Step suffers $27 million security breach 

Step Finance reported a “breach of security for some of our treasury wallets” on Jan. 31 and asked cybersecurity firms to assist with the investigation. 

Blockchain security firm CertiK reported that 261,854 Solana (SOL), worth roughly $27 million at the time, was unstaked and transferred during the incident.

Related: Solana treasuries sitting on over $1.5B in paper SOL losses

Crypto investor Mike Dudas said he was contacted by Step Finance about participating in a bridge round, but requested a security post-mortem first and received no response. 

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Step Finance co-founder George Harrap said on Tuesday that “Some people have reached out on acquiring various businesses, and we will pursue those if serious and have interest, but we are on a time crunch.”

The platform’s native STEP token tanked 96% in the days following the hack. It slumped a further 36% following the announcement of the closure on Monday and is currently trading at $0.00057, according to CoinGecko. 

STEP hit an all-time high of $10.20 in August 2021.

STEP prices have crashed to virtually zero. Source: CoinGecko

Solana DeFi total value locked tanks 50% 

The triple closure is another blow to decentralized finance on Solana, which has seen total on-chain value tank 52% since its September peak. Solana DeFi TVL currently stands at just $6.3 billion, according to DeFiLlama. 

Meanwhile, SOL prices have lost a further 1.8% on the day, falling to $78, according to CoinGecko. The asset is now 74% down from its January 2025 all-time high of $293, hit during the peak of memecoin mania. 

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