A wallet which received 3800 ETH from Vitalik Buterin in August has sold over 950 ETH over the past weeks.

According to Lookonchain, a wallet that received approximately $9.8 million in ETH from Ethereum co-founder Vitalik Buterin sold 190 ETH for $441,971 USDC on Sept. 11. 

The wallet initially received 3,800 ETH from Buterin last month—3,000 ETH on Aug. 9 and an additional 800 ETH on Aug. 30. Shortly after, it sold 760 ETH for $1.835 million USDC at an average of $2,414 per ETH, before continuing with the subsequent sales.

At the time of writing the wallet had sold 950 ETH since Aug. 30, for roughly $2.28 million.

The transfers sparked accusations that Buterin was selling ETH for profits, but he recently denied these claims, stating the funds were intended for supporting ecosystem development and philanthropic efforts.

“All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity,” Buterin said in an X post.

However, he did not clarify who was the recipient of his latest transfer.

Amid this backdrop, the Ethereum Foundation, the entity supporting the development of the Ethereum blockchain, has also made several notable transactions over the past months. 

As previously reported by crypto.news, the foundation recently sold 450 ETH for 1.029 million DAI on Sep. 9, bringing its total sales for 2024 to 3066 ETH. While the Ethereum Foundation hasn’t officially commented on the rationale behind its recent ETH sales, insiders have noted that these were intended to cover the foundation’s operational expenses.

Meanwhile, the recent sales have exerted downward pressure on Ethereum’s (ETH) price, with the leading altcoin currently down 13% over the past 30 days.