Vitalik Buterin defends Ethereum Foundation amid ETH sales criticism

Ethereum (CRYPTO:ETH) co-founder Vitalik Buterin recently addressed growing criticisms towards the Ethereum Foundation and its decisions regarding ether sales. 

In a direct response on social media, Buterin called on detractors to "show some respect" for the organisation's achievements. 

The controversy began after it was revealed that the Ethereum Foundation had been selling portions of its ETH holdings. 

According to data from Spot On Chain, the foundation sold 4,066 ETH in 2024, totaling approximately $11.2 million at an average price of $2,760 per ETH. 

The most recent sale occurred in September, involving 300 ETH. 

Buterin emphasised that these sales were part of routine operations, which include funding ongoing developments and improvements to the Ethereum ecosystem. 

Buterin defended the foundation’s approach, explaining that the funds support critical projects such as transitioning Ethereum from proof-of-work to proof-of-stake, minimising on-chain fees, and enhancing transaction speeds with upgrades like EIP-1559. 

Additionally, Buterin highlighted advancements in account abstraction, privacy-enhancing Zero Knowledge technology, and overall security improvements. 

The foundation's ongoing efforts have also resulted in zero downtime for the network since 2016. 

“Show some respect,” Buterin urged critics, underlining the foundation’s accomplishments and ongoing efforts to enhance the Ethereum platform. 

He dismissed claims suggesting that his own or the foundation’s sales of ETH were profit-motivated, clarifying that these were aligned with the strategic funding of key development initiatives. 

Bitwise CIO Matt Hougan described Ethereum as “the Microsoft of blockchains” due to its extensive developer base and active user count. 

Hougan stated, “Everyone wants to talk about newer companies and their disruptive technologies, like Google, Slack, and Zoom, but Microsoft is still bigger than all of them combined,” drawing a comparison to Ethereum's resilience and relevance despite recent market performance.

At the time of reporting, the Ethereum price was $2,518.66.