Vitalik Buterin, co-founder and developer of Ethereum, revealed in an online community that the Ethereum foundation or the development team have already sold 90 percent of their shares of Ethereum Classic over the past six months.
Ethereum Classic, a spin-off project of Ethereum described as the continuation of the original Ethereum Blockchain by its founders and developers, was created after the execution of a controversial hard fork designed to bailout investors of the DAO.
Miners and developers who felt that Ethereum demonstrated centralized governance continued to mine blocks of the original Ethereum chain, effectively creating another token called Etheum Classic hereinafter ETC. Major exchanges including Poloniex almost immediately added support for ETC, listing the token in its exchange.
By July 23, the day ETC was listed on Poloniex, the value of ETC reached one-third of Ethereum, leading to controversial debates and arguments in online communities and forums in regards to the legitimacy of both ETC and Ethereum.
Users holding ETH were granted an equivalent amount in ETC on various trading platforms including exchanges like Poloniex. Thus, if a user held X amount of ETH on Poloniex at the time of the hard fork, the user was credited with the same X amount of ETC on their Poloniex balance sheet.
Ethereum Foundation’s decision to sell ETC
As a competitor to Ethereum Classic, the Ethereum Foundation’s decision to sell the majority of its ETC was already forthcoming at the time of the hard fork and the introduction of ETC.
In fact, Vitalik Buterin firmly stated that he does not plan to work with the ETC team in August of 2016. He also told the Ethereum community that even if ETC price overtakes ETH, he will not support ETC.
However, it is important to note that Ethereum Classic is being supported by some of the largest figures within the Chinese Bitcoin and cryptocurrency markets. Exchanges including BTCC and investors such as Chandler Guo publicly stated that they are in support of Ethereum Classic, as it demonstrates decentralized governance and clear innovative vision.
In November, Cointelegraph reported that BTCC solidified its stance on the Ethereum-ETC debate, selecting Ethereum Classic over Ethereum.