In a recent controversy, Vitalik Buterin, the founder of Ethereum, faced criticism from Andrew Howard, Chief Business Officer at Jan3, led by Samson Mow. Howard condemned Buterin for selling nearly $100 million worth of ETH six years ago, a move he likened to a betrayal of ETH holders. However, prominent figures, including Erik Voorhees, CEO of ShapeShift, have come to Buterin's defense.

Howard's critique stemmed from Buterin's admission that he publicly sold 70,000 ETH in 2018, when Ethereum's price peaked at $1,119. This sale amounted to approximately $95,550,000. Howard accused Buterin of "dumping" ETH on its holders, contrasting him with Bitcoin's mysterious creator, Satoshi Nakamoto, who has never sold any of his Bitcoin holdings.

Erik Voorhees, a well-known Bitcoin entrepreneur, responded to Howard's allegations, highlighting Buterin's significant contributions to the crypto space. Voorhees pointed out that Buterin had created $400 billion in value from an $18 million investment, and criticized the backlash over Buterin profiting from a mere 0.025% of that value.

The controversy sparked a heated debate within the crypto community. Critics accused Ethereum of centralization and labeled it an unregistered security, arguing that Buterin holds disproportionate control over the ETH supply. Some users, however, questioned the assumption that Satoshi Nakamoto never profited from Bitcoin, suggesting it is unknown if Nakamoto has sold any Bitcoin.

This debate coincides with a significant development for Ethereum. The U.S. Securities and Exchange Commission (SEC) recently approved spot Ethereum exchange-traded funds (ETFs) for several major financial firms, including BlackRock, VanEck, Grayscale, and Ark Invest. These firms had previously received approval for spot Bitcoin ETFs in mid-January.

The SEC's decision to approve Ethereum ETFs was unexpected, given the agency's typically lengthy approval process. Prior to the approval, several funds amended their filings to exclude ETH staking, following lawsuits against Coinbase and Kraken for their crypto staking services.

This recent approval marks a pivotal moment for Ethereum, potentially increasing its legitimacy and accessibility in the traditional financial markets. The ongoing debate around Buterin's past actions and Ethereum's structure, however, highlights the persistent tensions and differing philosophies within the cryptocurrency community.