Ethereum Foundation earned up to $ 100M by selling ETH at ATH, Vitalik Buterin says
Vitalik Buterin, the co-founder of the second-largest cryptocurrency by market cap, recently admitted that the Ethereum Foundation (EF) has sold 70,000 ETH almost at the highest level of all time. Today, it seems to be the right decision, because the price of Ethereum has dropped by more than 90% since then.
Vitalik Buterin, co-founder of Ethereum. Image via Facebook
ETH is still the second-largest cryptocurrency by market capitalization. However, its price today is not the same as what it used to be two years ago. Volatility has occurred and an explosion seems less likely.
Ethereum, the previous all-time high occurred in January 2018, when ETH’s price reached nearly $ 1,400. Buterin also has a personal sales history at the top of the market, moving 30,000 ETH at the end of the bull market in December 2017.
The Ethereum Foundation appears to have sold an additional $ 1.5 million ETH in the past three months and they are also ceasing funding for some development teams.
That led to some speculation they might have run out of fiat, but they should have a lot of things based on the $ 20 million runway a year.
So the question is why don’t they fund some developers, including some long-time programmers, with the proposal being a policy decision because the manager wants people to apply for a subsidy so as not to discriminate between internal and external groups.
Buterin’s comments were made in the context of Initial Coin Offerings (ICOs) funding open source development, with the interviewer wondering how Buterin felt about his net worth collapse as prices fell.
Asked how he felt in the next bear market of 2018, with the lowest ETH price of $ 84, Buterin said he was not discouraged. He also explained that he was relieved by the price adjustment and did not believe that cryptocurrencies had created enough value to be worth half a trillion dollars.
The interviewer then asked if he shortened it. Buterin said that he didn’t lack, but he managed to convince EF to sell a lot. He didn’t mention that he sold quite a lot right before the accident happened as well as a few other famous chillers like Litecoin’s Charlie Lee.
EF stops funding internal teams
Just recently, a developer who has been with the company for over three years has posted potential EF plans. According to her, the platform will stop funding for most internal teams next year, as AZCoin News reported. She added that as of December 1, funding for the specific project she was working on had stopped entirely.
The news has not been confirmed or rejected by officials from the Ethereum Foundation. However, Ryan Lackey, Tezos Foundation, said that if any team previously funded by EF teams wants to continue working, EF may be interested in providing funding.
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