Ethereum co-founder Vitalik Buterin has offloaded some of his holdings in popular meme coins such as MOODENG and NEIRO, according to the latest on-chain data. The data shows that Buterin exchanged these meme coins for Ethereum (ETH) and donated all the proceeds to the “Free Alexei and Roman” campaign in support of the two Tornado Cash developers currently in prison. It shows.
Ethereum co-founder Vitalik Buterin swaps meme coins
The latest on-chain data shows that Vitalik Buterin has sold some of the recently popular meme coins such as MOODENG, DEGEN, NEIRO, and KOBASU. Last week, NEIRO price surged 215% following high whale activity recorded by meme coins. The monthly chart has already shown a staggering 1685% rise.
Similarly, MOODENG has been one of the best-performing meme coins recently, currently trading at around $0.15. By September, MOODENG price had soared to $0.35 in a huge bullish wave. As reported by CoinGape, MOODENG traders generated $12.4 million in profits in just 17 days with just $1.3 million invested. As of today’s price, this Solana meme coin is still trading up 350% on the monthly chart. Here is a list of the top meme coins of 2024.
On-chain data provider SpotonChain said the Ethereum co-founder exchanged his large memecoin holdings for a total of 140.7 Ethereum (ETH) coins. In this context, Buterin also donated 100 ETH (equivalent to approximately $242,000) to the “Free Alexey & Roman” campaign, which is raising funds for the legal defense of TornadoCash developers Alexey Pertsev and Roman Storm. donated.
The developers are currently facing legal action for their role in developing the privacy-focused cryptocurrency mixer. Tornado Cash’s developers are scheduled to go on trial in New York District Court this December.
Vitalik Buterin (@VitalikButerin) $341,000 worth of meme coins just sold #Mooden, $DEGEN, $Neiro, $ Kabosustablecoin $USDT for 140.67 $ETH In the past 30 minutes.
I sent 100 messages at the same time. $ETH ($242,000) to the “Free Alexei and Roman” campaign to provide legal assistance… pic.twitter.com/XYjf2ZVI8g
— Spotonchain (@spotonchain) October 5, 2024
Is Tornado Cash involved in money laundering?
A recent report from Certik indicates that hackers utilized Tornado Cash in several high-profile money laundering cases in the third quarter of 2024. Crypto mixer Tordano Cash provides privacy by anonymizing transactions on the Ethereum blockchain. Launched with the aim of providing better user privacy, the platform has become the go-to platform for cybercriminals to launder money.
In Q3 2024, 30 of the 156 incidents we recorded @Tornado It was the only method used for laundering and accounted for approximately $287 million of the stolen funds.
In 66 of the cases, the stolen funds have not yet been laundered or returned. pic.twitter.com/a7cgSyRttA
— CertiK Alert (@CertiKAlert) October 4, 2024
However, crypto veterans like Ethereum co-founder Vitalik Buterin advocate the use of crypto privacy tools to manage their assets. In the past, they have also protested against the illegal arrest of Tornado Cash developers. This is also not the first time Buterin has donated to the “Free Alexei and Roman” campaign. In early May of this year, he donated more than $100,000.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
