Culper Research posted on X that it is shorting ETH and related stocks (such as BMNR) because: "ETH's token economics model has been damaged after the Fusaka upgrade in December 2025. Vitalik himself knows this and is selling ETH, while Tom Lee, one of ETH's most ardent bulls, continues to add to his position, essentially pouring real money into a bad project." In response to the firm's statement, Vitalik's father, Dmitry Buterin (dima.eth), said: "When you see the statement 'Vitalik knows this and is selling,' you don't need to read any further. They are attention-seeking clowns, not researchers."