Vitalik Buterin Transfers 2.09M STRK Tokens to Binance, Suffers $714K Loss from Holding STRK

Ethereum co-founder Vitalik Buterin has raised eyebrows in the crypto community as a wallet associated with him initiated the transfer of 2.09 million STRK tokens

A wallet linked to Ethereum co-founder Vitalik Buterin has initiated the transfer of 2.09 million STRK tokens to the Binance exchange, according to data from Onchain Lens.

The transaction occurred in two parts: the first, involving 97,152 STRK tokens, took place five hours ago, and the second, involving 2 million STRK tokens, occurred three hours later. Both transactions moved the assets to Binance, the world’s largest cryptocurrency exchange by trading volume.

Collectively, the tokens Buterin has offloaded are valued at approximately $799,000. The timing of the transaction has sparked curiosity among market observers.

Buterin Suffers Heavy Loss from Holding STRK

According to data from CoinGecko, Buterin had received these STRK tokens over the last five months, with an initial value of $1.51 million. With the current market value of STRK about 50% lower than this original amount, Buterin is facing an unrealized loss of around $714,000 from his STRK holdings.

This substantial loss can be attributed in part to STRK’s poor price performance since its launch earlier this year. After peaking at an all-time high of $3.66 in February, the token is now trading at $0.3795 — down by a significant 90%. During this period, STRK even hit an all-time low of $0.32 in August.

notably, following the recent surge in the crypto market, which was driven by Bitcoin’s historic peak, Buterin seems to be attempting to cut his losses by transferring his STRK tokens to Binance, especially as the token has posted a more than 10% gain today.

Following this latest transaction, Onchain Lens reports that Buterin still holds 15,862 STRK tokens, which are worth approximately $6,000.

Vitalik Buterin’s Involvement with StarkNet

StarkNet is a promising zero-knowledge rollup project that has garnered substantial attention as Ethereum’s community explores methods to enhance transaction speeds and reduce costs on the network.

Buterin’s engagement with StarkNet began during its early stages. He initially invested in the project during its seed round in May 2018, which raised $6 million. This move demonstrated his interest in supporting Layer 2 scaling solutions for Ethereum. In a subsequent funding round in July 2018, which raised $12 million, the Ethereum Foundation took the lead.

DisCLaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any employee of Coin钜亨网. The content in this article is for informational purposes only. It is not intended to be and does not constitute financial advice. Consult with a licensed financial adviser, stock broker, and/or any other qualified professional regarding any and all investment decisions.