In a move that has sparked fresh curiosity and debate across the crypto community, a wallet previously linked to Ethereum co-founder Vitalik Buterin has reportedly sold 1,300 ETH over the span of just 11 days—amounting to more than $3.2 million at current prices.
Blockchain analytics firm Spot On Chain was among the first to flag the activity, revealing that the wallet known as “0x556” made its final sale—649 ETH—to the Paxos crypto exchange on September 30. This marked the last in a string of ETH offloads that began shortly after the wallet was funded by another address, “0xd04,” which is widely believed to be under Buterin’s control.
The Wallet Trail
The timeline of transactions paints a compelling picture. On September 19, wallet “0x556” received 1,300 ETH (worth around $3.21 million at the time) from “0xd04.” Historical blockchain data supports a long-running link between “0xd04” and Buterin himself. This wallet previously moved 70,000 ETH back in 2022, followed by multiple transactions throughout 2023, including a 2,000 ETH transfer in September that was valued at roughly $5.27 million, and an earlier 999 ETH sent in August, worth $2.63 million.
Another major transaction from “0xd04” also took place last month, totaling 5,999 ETH (approximately $4.47 million). With this consistent pattern, it’s understandable why blockchain analysts and the wider crypto public have been keeping a close eye on these addresses.
Although the ownership of wallet “0x556” hasn’t been officially verified, Spot On Chain has confidently connected the dots, reiterating that this wallet’s behavior matches that of past accounts linked to Buterin. Their suspicions date back to a September 2023 post, where they speculated that the Ethereum co-founder was behind several high-value transfers.
Buterin Responds to Speculation
Despite public speculation that these sales could signal Buterin offloading ETH for personal gain, he has been transparent about his intentions. In prior statements, Buterin has firmly denied cashing out any ETH for personal profit since 2018. He has also emphasized that ETH moved from wallets connected to him are usually intended for philanthropic purposes or Ethereum ecosystem-related development.
Just last month, eyebrows were raised again when another wallet—previously funded with 3,800 ETH by Buterin—was seen distributing assets across several other addresses. Once more, Buterin stepped in to clarify the nature of the transfers, stating that the funds were designated for a “bio-defense group,” underscoring his ongoing support for scientific and humanitarian causes.
In one of his blog posts, Buterin elaborated on the role these transfers play in supporting causes he believes in, distancing himself from the idea that he is liquidating ETH for wealth accumulation.
Industry Reactions and Broader Implications
The transparency hasn’t stopped critics. Cardano founder Charles Hoskinson recently stirred the pot by labeling Ethereum’s governance structure a “dictatorship,” claiming Buterin’s decisions wield disproportionate influence. This reignited debate about decentralization and the true distribution of power within Ethereum’s ecosystem.
Nevertheless, Ethereum continues to lead as a foundational pillar in the blockchain world, and Buterin remains one of its most influential voices—though not without scrutiny. As Ethereum evolves and its ecosystem expands, moves like these will likely continue to draw attention and questions about the balance between personal holdings, transparency, and leadership responsibility.
