- Andrew Howard, CBO at Jan3, has criticized Ethereum founder Vitalik Buterin for selling nearly $100 million worth of ETH six years ago.
- Several prominent Bitcoiners, including Erik Voorhees, have defended Buterin against Howard’s critique.
- Howard’s comments have sparked a heated debate within the crypto community, with discussions focusing on Ethereum’s centralization and Buterin’s influence.
Andrew Howard criticizes Vitalik Buterin for past ETH sales, sparking a debate within the crypto community. Erik Voorhees defends Buterin, highlighting his contributions to the crypto space.
Howard jabs Buterin, Erik Voorhees defends Buterin
In a recent tweet, Andrew Howard recalled that Vitalik Buterin had admitted to publicly selling 70,000 ETH back in 2018, when the cryptocurrency reached a historic price peak of $1,119. At that price, the amount of ETH sold by Buterin comprised a massive $95,550,000. Howard pointed out that Buterin “dumped it on ETH holders,” comparing him to the mysterious Bitcoin creator Satoshi Nakamoto, who “still hasn’t sold one single Bitcoin. Ever.”
Bitcoin maximalist and CEO of the ShapeShift crypto exchange, Erik Voorhees, stepped in to defend Vitalik Buterin. The Bitcoin entrepreneur reminded Howard that Buterin had created $400 billion in value using an investment of $18 million, and now “maxis mad that he profited 0.025%” of it.
Crypto community engages in heated debate
In the comment thread, the crypto community started an agitated discussion of Howard’s tweet. Many called Ethereum centralized, accusing Buterin of holding single-handed control over the total ETH supply and calling Ethereum an unregistered security. One user, however, assumed that it is unknown whether Satoshi Nakamoto indeed kept all his Bitcoin unsold and did not profit from it.
Ethereum ETFs green-lit by SEC
Earlier this week, the American Securities and Exchange Commission issued approval for spot Ethereum exchange-traded funds (ETFs) on several filings submitted at the start of the year. Among the Wall Street companies that filed for Ethereum ETFs were BlackRock, VanEck, Grayscale, and Ark Invest. Overall, the same companies that got spot Bitcoin ETFs approved in mid-January then filed for launching similar products based on the second biggest crypto, Ethereum.
This decision came out unexpectedly, as many experts did not believe that the SEC would take so little time to approve these products. However, prior to the announcement, several funds updated their filings by removing ETH staking from them, since recently Coinbase and Kraken were sued by the SEC for launching crypto staking services.
Conclusion
The recent critique by Andrew Howard against Vitalik Buterin has reignited discussions about Ethereum’s centralization and the ethics of large-scale crypto sales. While Erik Voorhees and others have defended Buterin’s actions, the debate highlights ongoing tensions within the crypto community. Meanwhile, the SEC’s approval of Ethereum ETFs marks a significant development, potentially paving the way for broader institutional adoption of Ethereum. As the crypto landscape continues to evolve, stakeholders must navigate these complex issues with a balanced perspective.
