Ethereum (ETH) founder Vitalik Buterin is catching the eye of crypto sleuths after transferring 500 ETH to an under-the-radar decentralized finance (DeFi) challenge.
Blockchain safety agency PeckShield first noticed the transaction and revealed {that a} pockets managed by Buterin transferred the ETH stack to DeFi protocol Reflexer.
Reflexer is a platform designed to allow customers to mint stablecoins through the use of their crypto as collateral.
The protocol points RAI, a crypto asset backed by Ethereum that goals to keep up a steady worth with the intention to shield holders from the volatility of the markets.
In line with PeckShield, Buterin used the five hundred ETH to build up stablecoins.
The blockchain safety agency reveals that the Ethereum founder used the ETH trove as collateral on Reflexer to mint 150,000 RAI tokens. Buterin subsquently exchanged 132,500 RAI for 378,500 USD Coin (USDC). The remaining 17,500 RAI was swapped for 50,000 Dai (DAI).
PeckShield says that the conversion of ETH to stablecoins USDC and DAI all came about inside three hours.
#PeckShieldAlert Vitalik-labeled handle has deposited 500 $ETH in Reflexer to mint 150k $RAI, and swapped 132.5k $RAI for 378.5k $USDC. Moreover, they swapped 17.5k $RAI for 50k $DAI inside the final 3 hourshttps://t.co/dM1pheTW0x pic.twitter.com/camCgl1fsk
— PeckShieldAlert (@PeckShieldAlert) March 11, 2023
Blockchain-tracking service Etherscan additionally witnessed the transactions. In line with Etherscan, Buterin initially transferred 200 ETH to Reflexer to mint 100,0000 RAI. Instantly after, Buterin sent 300 ETH to Reflexer to mint 50,000 RAI.
Etherscan reveals that Buterin paid greater than $200 to course of each transactions.
At time of writing, Ethereum is buying and selling for $1,596, up over 10% within the final 24 hours.
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