Is Vitalik Buterin Fudding?

Surprisingly, not only were individual investors trying to get away from the scene of the market crash with their assets, but the CEO of Ethereum was also captured and exposed for his role in the scheme. During the crash of the FTX market, it was reported that Vitalik Buterin, the CEO of Ethereum, sold 3,000 Ethereum tokens. Because of this spill, the topic of whether or not Vitalik was fudding was raised.

A wallet tracker uncovered a big dump of 3000 Ethereum tokens worth $4 million dollars during the FTX crisis that occurred the week before and related it to the wallet of Ethereum's inventor. This transaction was carried out on Uniswap, the blockchain's centralized trading platform.

As the dump occurred at the same time as the FTX catastrophe, it was too much of a coincidence not to arouse suspicions of a FUD (Fear, Uncertainty, and Doubt) scheme. At the time this story was published, the price of a single ETH token was $1215.

The breakdown also affected Ethereum tokens, which saw a loss of 18%, bringing the price of each token down to the barrier of $1200. Despite this, the market did eventually rebound, which led to a 5% increase in pricing.

Buterin made a comment about the FTX problem while the market was falling apart and imploding. He began by stating that he thought the MtGox occurrence was strange, and he also made allusions to Do Kwon's case with the Luna Crash in May of this year. Both of these events occurred in May.

Hacked FTX Exchange

Reports indicate that during this time period, FTX was hacked, and the perpetrators stole more than $400 million worth of SOL, BNB, and other tokens that were on the network.

The hacking method was made possible by first converting Tether to Dai and then extracting the funds.

As a direct consequence of the crisis, investors moved quickly to withdraw their holdings from the market, which led to a significant loss of capital. During this time period, the hacking began, resulting in a loss of cash totaling $600 million. During this time, the hack was discovered. This security flaw was discovered when the amount of money that flowed out of the exchange was found to be highly unusual and had only been transferred to a single wallet.

The FTX exchange stated that it has been hacked, which may lead to the exchange's eventual closure. They also cautioned all customers to avoid engaging with any FTX website, as doing so could lead to the spread of malware and put customers' savings and funds in jeopardy.