Blockchain sleuths have flagged the transfer of $1 million of Ether (ETH) belonging to a wallet controlled by Ethereum co-founder Vitalik Buterin as cryptocurrency markets remain depressed after widespread weekend losses.

#PeckShieldAlert vitalik.eth has transferred 600 $ETH (~$1M) to #Coinbase pic.twitter.com/XVTwLqPENM

— PeckShieldAlert (@PeckShieldAlert) August 21, 2023

The publicly labeled Ethereum wallet address vitalik.eth transferred 600 ETH on Aug. 21, with the address still holding over 3,900 ETH valued at $6.5 million as per data from Etherscan.

Blockchain data analysis from Lookonchain also revealed that vitalik.eth repaid 251,000 Rai Reflex Index (RAI) tokens on Maker and withdrew 1,000 ETH, worth $1,67 million, hours before the movement of ETH to Coinbase.

vitalik.eth repaid 251K $RAI on #Maker and withdrew 1,000 $ETH($1.67M) yesterday.Then deposited 600 $ETH($1M) to #Coinbase 5 hrs ago.https://t.co/pw8ekIYSs1 pic.twitter.com/rkJo42OSlq

— Lookonchain (@lookonchain) August 21, 2023

Cointelegraph also had confirmation from blockchain analytics firm Nansen that Buterin had transfered the large sum after a test transaction of 0.1 ETH two days prior, while their analysts noted that the exchange Buterin used in the latest movement differed from previous instances on record:

"Based on the wallet’s history, ETH transfers in the past have typically been to Kraken. However, it’s hard to say what’s the purpose of the transfer so we aren’t able to offer much more insight."

A number of prominent blockchain data aggregators and publications shared insights into the transfer of 600 ETH to United States-based cryptocurrency exchange Coinbase. The move caused a stir on social media in the hours after the transfer, with speculation around the transaction rife. 

JUST IN: #Ethereum founder Vitalik Buterin transfers 600 $ETH ($1,000,000) to Coinbase.

— Watcher.Guru (@WatcherGuru) August 21, 2023

Buterin’s transaction comes as wider cryptocurrency markets remain fragile following a sharp correction over the weekend. Bitcoin (BTC) and ETH saw losses of 11% and 8%, respectively. 

As Cointelegraph has previously reported, Buterin has admitted to selling portions of his ETH holdings on separate occasions over the past five years and has also publicly dumped tokens he has received in unsolicited alt coin airdrops.

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