November 27, 2022

Buterin denied information about the financial problems of the Ethereum Foundation

The creator of the largest altcoin by capitalization assured that the organization can survive without the need to cut costs in the next few years.

Ethereum creator Vitalik Buterin deniedreports that the nonprofit organization Ethereum Foundation is running out of money. According to Buterin, the fund’s budget will allow him to operate over the next few years, the Block Beats portal reports.

The first reports on the financial difficulties of the projectappeared on the sixth of December. Then the developer Nina Breznik wrote that the Ethereum Foundation is preparing to suspend funding for most internal teams.

“They began to stop funding from the youngest projects. Since December 1, they stopped financing us, the same fate awaits other projects next year, ”says Breznik.

She was answered by the public relations managerEthereum Foundation Joseph Schweitzer, who called the message "completely unreliable." Another representative of the organization, Hudson Jameson, also denied Breznik's statement.

“The news that most internal teams are being withdrawn from financing is categorically unreliable,” Jameson emphasized.

Buterin explained that financing of someinternal teams were discontinued after an additional assessment of their performance. The creator of Ethereum assured that the fund’s reserves are enough for another six years.