Ethereum

Railgun

Ethereum co-founder Vitalik Buterin has transferred 3,000 ETH, valued at around $8 million, to a multi-signature safe wallet. The reason for the transfer is unknown and speculated to be a donation. 
Meanwhile, Buterin has been discussing the Ethereum roadmap frequently on X. In a recent post, the developer emphasized network security over concerns of high gas fees. 
<h3 id="span-data-preserver-spaces-true-vb-3-wallet-moves-3000-eth-to-vitalik-eth-wallet-span">‘Vb 3’ wallet moves 3000 ETH to ‘Vitalik.eth’ wallet</h3> 
Lookonchain <a class="editor-rtfLink" href="https://x.com/lookonchain/status/1821713599624265841" target="_blank" rel="noopener nofollow">reported</a> on X that Vitalik transferred around $8 million in ETH to a multi-sig wallet, attracting around 0.1 ETH in gas fees (about $270). The transfer is being speculated to be a donation, but the motive remains unclear.&nbsp; 
Notably, a multi-signature crypto wallet requires more than two people to sign off on any transaction. The process provides additional security to funds and protects against unauthorized transfers or hacks. By using a multi-sig wallet, Buterin <a class="editor-rtfLink" href="https://x.com/VitalikButerin/status/1821669525454254159" target="_blank" rel="noopener nofollow">underlines his</a> advocacy for security and privacy. 
According to <a class="editor-rtfLink" href="https://etherscan.io/address/0xd8da6bf26964af9d7eed9e03e53415d37aa96045" target="_blank" rel="noopener nofollow">Etherscan</a>, Buterin’s wallet, known as “vitalik.eth,” holds about 400 ETH, having a market price of at least $1 million. On August 5, Lookonchain reported that a wallet named “Vb 3” moved 3,000 ETH to vitalik.eth. At that time, the wallet’s total holdings stood at 245,223 ETH, worth about $570 million. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 vitalik.eth transferred 3,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$ETH</a>($8.05M) to a multi-sig safe wallet 20 mins ago, possibly as a donation.<a href="https://t.co/pw8ekIYSs1" rel="nofollow" target="_blank">https://t.co/pw8ekIYSs1</a><a href="https://t.co/DW4Nhmbb6Z" rel="nofollow" target="_blank">https://t.co/DW4Nhmbb6Z</a> <a href="https://t.co/7Y4Dx12cDP" rel="nofollow" target="_blank">pic.twitter.com/7Y4Dx12cDP</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1821713599624265841?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">August 9, 2024</a>
</blockquote> 
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In the past, Buterin had used a privacy protocol called Railgun for crypto transfers. The purpose of the transfers was also unknown due to the added layer of privacy used in these DeFi applications. 
<h3 id="span-data-preserver-spaces-true-buterin-chooses-security-over-gas-fees-span">Buterin chooses security over gas fees</h3> 
The Ethereum co-founder responded to a user on X who questioned the high gas fees on the network.&nbsp;His response underscored security over high gas fees. “Losing 100% of your money to a wallet screw-up is more expensive than any gas fee, and more of a loss than any DeFi yield can make up for,” Buterin said. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Yeah you do. Losing 100% of your money to a wallet screw up is more expensive than any gas fee, and more of a loss than any defi yield can make up for. 
 Wallet security is probably the #1 crypto UX issue. 
 — vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1821669525454254159?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">August 8, 2024</a>
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&nbsp; 
Ethereum’s gas fees have been fluctuating, but the Vitalik calls wallet security the number one user experience (UX) issue. As per Bitinfocharts, the gas fees reached an average of $30 per transaction in March 2024. At the time of writing, it has dropped to around $2.4. 
<figure id="attachment_565985" aria-describedby="caption-attachment-565985" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-565985 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-09-024650.png" alt="Ethereum gas fees | Source:Bitinfocharts" width="1900" height="377" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-09-024650.png 1900w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-09-024650-300x60.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-09-024650-1200x238.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-09-024650-768x152.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-09-024650-1536x305.png 1536w" sizes="(max-width: 1900px) 100vw, 1900px">
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 Ethereum gas fees | Source:Bitinfocharts
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The overall fee levels in 2024 remain higher compared to 2023 despite the recent fall. However in July, for instance, Ethereum’s gas fees were at a multi-month low, possibly due to quieter network activity. CryptoQuant analyst, Woominkyu, previously <a class="editor-rtfLink" href="https://x.com/Woo_Minkyu/status/1811597507786580160" target="_blank" rel="noopener nofollow">underlined</a> that Ethereum prices usually rise when gas fees increase. At the time of writing, Ethereum is priced close to $2,700, with the market anticipating higher highs during this cycle.

Ethereum co-founder Vitalik Buterin transfers $8M in ETH while advocating security

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