During the historic bullrun of late 2017, the Ethereum Foundation sold no less than 70,000 ether. Vitalik Buterin convinced the organization to sell at that time. The rate rose a little further to sink again from January 13.
100 ether sold
At the highest point, the price of ether reached a value of almost 1,200 euros. In addition to those 70,000 ether, Buterin personally also sold another 30,000 ether. Suppose that all 100,000 ether were sold around the ATH, that yielded at least 100 million euros.
Buterin says that the sale of this enormous amount of ether was necessary to fund the Foundation. The work can be extended with this money.
Securing $ 100M USD to fund future #Ethereum development. Sounds like good treasury management to me. https://t.co/n4cJG8H3j6
– Chris Burniske (@cburniske) December 15, 2019
Investors have lost a lot of money
Not everyone is as positive as Chris Burniske is above.
Dumping on naive retail investors during an unsustainable ICO bubble is “good treasury management”. Well at least we know where Chris’s ethics lie.
– Michael (@ cryptotraveler) December 15, 2019
Michael actually writes that while Buterin benefited personally and the Foundation also made money, many investors lost money as a result.
And whether those investors have lost money. The losses in the last almost two years have been dramatic. Assuming they owned the coins, investors who bought the ETH from Buterin lost nearly 90% of their stake.
The losses on the cryptomarket since those heyday are not cat pee. Almost 100% of all coins also lost a lot of value in the same period of time. Even bitcoin lost 60% since the all-time high in December 2017.
Light at the end of the tunnel
But even though ether has lost value, better times are coming. At least, that is the general sentiment. The money that the Ethereum Foundation has collected by selling on time is used to develop Ethereum 2.0. This upgrade has had many setbacks and this led to delays.
Last week Ethereum took a step in the right direction by implementing the Istanbul upgrade on block number 9,069,000.
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