Andrew Howard, CBO at Jan3 company, recently criticized Ethereum founder Vitalik Buterin for selling almost $100 million worth of ETH on the market six years ago when the price reached an all-time high. Howard pointed out that Buterin’s actions of selling 70,000 ETH back in 2018 were detrimental to ETH holders, comparing him to Satoshi Nakamoto who has never sold a single Bitcoin.
However, several prominent figures in the crypto community, including Erik Voorhees, have defended Vitalik Buterin. They highlighted Buterin’s contribution to creating $400 billion in value using an initial investment of $18 million, and criticized critics for being upset that he profited a small percentage of it.
The critique against Buterin sparked a heated debate in the crypto community, with many accusing Ethereum of being centralized and Buterin of having too much control over the ETH supply. Some even went as far as calling Ethereum an unregistered security. However, there were also voices questioning whether Satoshi Nakamoto truly kept all his Bitcoin unsold and did not profit from it.
In a surprising move, the American Securities and Exchange Commission approved spot Ethereum exchange-traded funds on several filings submitted earlier in the year. Companies such as BlackRock, VanEck, Grayscale, and Ark Invest were among those that filed for Ethereum ETFs, following the approval of spot Bitcoin ETFs in mid-January. This decision came as a shock to many experts who did not expect the SEC to approve these products so quickly.
The recent approval of Ethereum ETFs by the SEC marks a significant milestone in the cryptocurrency industry, showcasing the growing acceptance and interest in digital assets from traditional financial institutions. It also highlights the increasing regulatory scrutiny and oversight in the crypto space, as seen by the lawsuits filed against Coinbase and Kraken for their crypto staking services. Overall, the controversy surrounding Vitalik Buterin’s ETH dump and the approval of Ethereum ETFs by the SEC demonstrate the complex and ever-evolving nature of the crypto market.