Vitalik Buterin and the Ethereum foundation is not responsible for the price drop, nor for the investment decisions of the people.
If they were to claim that they illegally sold a security as that their holdings give them the ability to manipulate the price, then they could win.
The key to understand is that, once you are in court, who knows what will happen. Sure, it might be tough to prove for Ethereum but what about smaller chains.
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