Vitalik Buterin, the founder of Ethereum, was seen selling a sizable portion of 3000 ETH tokens during the FTX meltdown as investors hurried to liquidate their investments. This action raised the question of if Vitalik was fudding—(FUD- expressing Fear, Uncertainty, and Doubt)
Is Vitalik Buterin Fudding?
Surprisingly, not only were individual investors fleeing the market crash scene with their funds but also the CEO of Ethereum was caught and exposed as well. Vitalik Buterin, CEO of Ethereum, was seen selling 3000 Ethereum tokens during the FTX market meltdown. This dump raised the question of whether Vitalik was fudding.
During the FTX crisis last week, a wallet tracker discovered a massive dump of 3000 Ethereum tokens valued at $4 million dollars and connected it to the wallet of Ethereum’s founder. This transaction took place on Uniswap, the blockchain’s exchange.
It was too much of a coincidence to not raise suspicions of a FUD (Fear, Uncertainty, and Doubt) as the dump came during the FTX crash. As of press time, the ETH token was trading at $1215.
Also read:Ethereum tokens were also hit by this meltdown, with an 18% decline dumping the tokens to the $1200 threshold. However, the market recovered, resulting in a 5% increase in prices.
During the implosion and market fall, Buterin remarked on the FTX problem. He began by saying that he thought the MtGox occurrence was suspicious, and he also made references to Do Kwon’s case with the Luna Crash in May of this year.
Hacked FTX Exchange
According to reports, FTX was hacked during this time period, with hackers stealing over $400 million in SOL, BNB, and other tokens on the network.
The hack approach was enabled by converting Tether to Dai and withdrawing.
Following the crisis, investors hurried to remove their investments from the exchange, resulting in a large outflow of capital. During this period the hack commenced, with an outflow of cash that totaled $600 million. This breach was discovered because the amount that flowed out of the exchange was extremely unusual and transferred solely to a single wallet.
The FTX exchange reported that it had been hacked, which might result in bankruptcy. They also warned all customers to disengage from any FTX website as this might result in spread of malware and jeopardize their savings/funds.
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