According to information from the Ethereum blockchain scanning website, etherscan, Ethereum co-founder Vitalik Buterin deposited 600 ether (ETH), or around $1 million worth of the cryptocurrency, to cryptocurrency exchange Coinbase on Monday.
The decision comes amid a general market downturn that saw traders see $1 billion in liquidations and saw ether, the second-largest cryptocurrency by market capitalization, fall 10% over the last seven days. On Monday, ether made a small comeback, trading in the green for the past 24 hours at $1,700.
According to on-chain tracker, Buterin refunded 250,000 RAI on Sunday and withdrew ether worth $1.6 million. RAI is an ETH-backed non-pegged stablecoin.
The reason the co-founder of Ethereum shifted the ether to the centralised exchange Coinbase is unclear.