Vitalik Buterin cashes in on memecoins he received for free, makes $139K

Ethereum co-founder Vitalik Buterin has once again made headlines by selling memecoins, generating a profit of over $100,000. According to blockchain tracking service Lookonchain, Buterin sold a range of memecoins he received for free, including DOG, ESTEE, and DINU, in exchange for Ethereum and USDC.

Per Lookonchain’s update on X, Buterin sold 340 billion $DOG tokens for 5.2 ETH. He also sold 50.48 billion ESTEE and 10 trillion DINU tokens for 116,307 and 4,181 USDC, respectively. The total sum of the funds he received at the time of the sale was $139,000.

vitalik.eth(@VitalikButerin) sold some #memecoins received for free today and got $139K!

He sold 340B $DOG for 5.2 $ETH($19K), sold 50.48B $ESTEE for 116,307 $USDC and sold 10T $DINU for 4,181 $USDC.https://t.co/CUXlJrc5D9https://t.co/4oTnT02tCjhttps://t.co/kwceBkR7lr… pic.twitter.com/VZE2drl8EP

— Lookonchain (@lookonchain) January 6, 2025

While the ultimate destination of the funds remains unclear, the Ether co-founder has a well-established history of donating such proceeds to charity.

Memecoin sales are likely routed to charitable causes

This latest transaction follows a long history of similar actions from the Ethereum creator. Last year, in October, Buterin amassed 1,101 ETH (worth $2.78 million at the time) through memecoin sales. 

Of that amount, he donated 360.16 ETH, roughly $884,000, to various charitable causes. The tokens involved in those sales included significant quantities of coins like 10 billion MOODENG, which fetched 395.95 ETH ($982,000), 200,000 MSTR for 93.23 ETH ($231,000) and 500 million EBULL for 73.79 ETH ($183,000), according to reports.

The donations from these sales included 320 ETH, or approximately $1.07 million, which Buterin reportedly directed to Coin Center, a nonprofit based in Washington, D.C. 

Vitalik Buterin urges the community to stop sending him memecoins 

In several instances, Buterin has voiced his stance on developers who send him memecoins, pleading with them to stop. The Canadian programmer shared his concerns on X, stating, “Anything that gets sent to me gets donated to charity too.”

He encouraged memecoin creators to directly contribute to charitable efforts or form decentralized autonomous organizations (DAOs) to involve their communities in decision-making. 

I appreciate all the memecoins that donate portions of their supply directly to charity.

(eg. I saw ebull sent a bunch to various groups last month)

Anything that gets sent to me gets donated to charity too (thanks moodeng! The 10B from today is going to anti-airborne-disease…

— vitalik.eth (@VitalikButerin) October 7, 2024

Moreover, Vitalik has been a strong critic of the celebrity memecoin frenzy, saying they “lack substance and purpose.” 

The Ethereum developer went on to criticize the creators of these meme tokens for exploiting celebrities’ names to attract investors, often offering little value in return. He argues that this practice diverts resources away from more impactful projects and ignores the core principles upon which Ethereum was founded.

Support for Tornado Cash developer’s legal turmoil

Beyond his charitable work related to memecoin sales, Vitalik Buterin has also lent his support to a fellow crypto figure facing legal challenges. On December 31, Buterin donated 50 ETH to aid in the legal defense of Roman Storm, a developer involved with the Tornado Cash project. 

Storm is set to face trial in the US on April 14 for alleged money laundering and sanctions violations linked to Tornado Cash. While regulators are looking to imprison the co-founder, he continues to receive widespread support from the crypto community.

The defendant shared his gratitude for Vitalik Buterin’s generous contribution, thanking him for his support during what has been a difficult period. “Immense gratitude to Vitalik Buterin for his generous donation to my legal defense fund,” Storm wrote. “Your unwavering support and leadership by example continue to inspire us all. Thank you for standing with me during this challenging time.“

Storm also provided an update on his legal defense fund, which has currently raised $640,061, about 33% of its $2 million target. 

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