Ethereum (ETH) founder Vitalik Buterin is drawing the attention of crypto sleuths after moving 500 ETH to a hidden decentralized finance (DeFi) project.
Blockchain security firm PeckShield first detected the transaction, revealing that a Buterin-controlled wallet transferred the ETH stack to the DeFi Reflexer protocol.
Reflexer is a platform designed to allow users to mint stablecoins using their crypto as collateral.
The protocol issues RAI, an Ethereum-backed crypto asset that aims to hold a stable value to protect holders from market volatility.
According to PeckShield, Buterin used the 500 ETH to accumulate stablecoins.
The blockchain security firm shows that the Ethereum founder used the ETH treasury as collateral on Reflexer to mint 150,000 RAI tokens. Buterin subsequently exchanged 132,500 RAI for 378,500 USD Coin (USDC). The remaining 17,500 RAI was exchanged for 50,000 Dai (DAI).
PeckShield says that the conversion from ETH to USDC and DAI stablecoins took place in three hours.
#PeckShieldAlert The address with the Vitalik label has deposited 500 $ETH in Reflexer to mint 150k $RAIand exchanged 132.5k $RAI for 378.5k $USDC. Also, they exchanged 17.5k $RAI for 50k $DAI in the last 3 hourshttps://t.co/dM1pheTW0x pic.twitter.com/camCgl1fsk
— PeckShieldAlert (@PeckShieldAlert) March 11, 2023
The Etherscan blockchain tracking service also witnessed the transactions. According to Etherscan, Buterin initially transferred 200 ETH to Reflexer to mint 100,000 RAI. Immediately after, Buterin sent 300 ETH to Reflexer to mint 50,000 RAI.
Etherscan reveals that Buterin paid more than $200 to process both transactions.
At the time of writing, Ethereum is trading at $1,596, an increase of more than 10% in the last 24 hours.
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