At the end of last year, it was revealed that the Ethereum Foundation sold almost a $100 million worth of Ethereum when the market took off for a short while in a bull movement, going off words from the projects co-founder Vitalik Buterin.
Such a thought process was made by the co-founder nearly two years after the cryptocurrency was able to hit an all-time high. Buterin said:
“I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top and that’s doubled our runway now, so it was one good decision that had a lot of impact.”
Following this, the community reacted in a less than positive way. Some compared it to the incident that happened over at Litecoin a while back with Charlie Lee’s sell-off. Since his sell-off, Lee has spoken on the similarities between the two situations and made an attempt to explain how the two were actually very different.
The mind behind Litecoin has said that one of the key differences was that the disclosure wasn’t even made for around two years. He added that another change between the two was that Ethereum held by Buterin and the Foundation were actually already mined.
“The Ethereum Foundation, it’s not very transparent at all, right. As a foundation kind of centralized, where they pre-mined coins, they should be very transparent about how many coins they’re selling. At least, Ripple is pretty transparent about how many XRP they are dumping every month or every year.”
The Ethereum Foundation is notorious for its lack of transparency. This comes in regards to its financial statements as well as its members.
For more news on this and other crypto updates, keep it with CryptoDaily!