Ethereum (ETH) founder Vitalik Buterin is attracting the curiosity of crypto geeks after transferring 500 ETH to a largely unknown decentralized finance (DeFi) project.
PeckShield, a blockchain security company, was the first to detect the transaction and disclose that Buterin’s wallet transferred the ETH pile to the DeFi protocol Reflexer.
Reflexer is a platform that allows users to mint stablecoins using their cryptocurrency as collateral. The protocol issues RAI, a cryptocurrency asset backed by Ethereum that tries to maintain a steady value to shield investors from market volatility.
PeckShield asserts that Buterin accumulated stablecoins with the 500 ETH. The blockchain security firm reveals that the Ethereum creator used the ETH hoard as collateral to mint 150,000 RAI tokens on Reflexer. Thereafter, Buterin traded 132,500 RAI for 378,500 USD Coin (USDC). The final 17,500 RAI were exchanged for 50,000 Dai (DAI).
According to PeckShield, the conversion of ETH to stablecoins USDC and DAI occurred within three hours.
Etherscan, a blockchain-tracking website, observed the transactions. Etherscan reports that Vitalik Buterin transferred 200 ETH to Reflexer to mint 100,000 RAI. Buterin then sent 300 ETH to Reflexer in order to mint 50,000 RAI. Etherscan indicates that Buterin spent over $200 to complete both transactions.
At the time of writing, the price of Ethereum is $1,678.40, an increase of almost 7% in the last week.